Sell­ers hang back as mar­ket cools

South Waikato News - - Community Cookbook - STUFF.CO.NZ

If you are look­ing to buy a house in the up­per half of the North Is­land at the mo­ment, you may have limited op­tions.

New data from Realestate.co.nz shows that the num­ber of new prop­erty list­ings in Au­gust fell 17.5 per cent across the coun­try, year-on-year. Only 8729 new list­ings were reg­is­tered across the coun­try dur­ing Au­gust.

Only the West Coast and Hawke’s Bay had more list­ings than last year.

The up­per half of the North Is­land saw the most dra­matic falls in new list­ings com­pared to the same pe­riod last year, with Auck­land down 22.7 per cent, Waikato 23.2 per cent, North­land 24 per cent and Coro­man­del 37.6 per cent.

Avail­able hous­ing stock fell ev­ery­where ex­cept Auck­land, Cen­tral Otago Lakes and Waikato.

But realestate.co.nz spokes­woman Vanessa Tay­lor said de­mand was also low, down 8.5 per cent, which meant prices were sta­ble. De­mand dropped most in Auck­land, Waikato and Welling­ton.

Of the 19 re­gions, de­mand for Auck­land prop­erty dropped 23.9 per cent, plac­ing the coun­try’s largest city at the bot­tom of the ta­ble.

De­mand is mea­sured as the in­crease or de­crease in the num­ber of views per list­ing in each re­gion.

Ask­ing prices were still at record highs in Waikato, Taranaki, Welling­ton, Cen­tral Otago Lakes and Wairarapa. Welling­ton’s av­er­age ask­ing price is now at $579,423 but de­mand was low. By con­trast in the Wairarapa, the av­er­age ask­ing price was up 7.5 per cent to $430,387, and de­mand was also up 11.2 per cent, plac­ing it sixth of the 19 re­gions across the coun­try.

For the first time in his­tory, the Cen­tral Otago/ Lakes District broke the $900,00 mark in ask­ing prices [$919,460], record­ing a sig­nif­i­cant lift (up 9.1 per cent) from the pre­vi­ous month.

There are few prop­er­ties on the mar­ket right now.

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