Num­ber of homes on mar­ket drops

The Hutt News - - OUT & ABOUT - SU­SAN ED­MUNDS

‘‘We also had an elec­tion with prop­erty as a sig­nif­i­cant fo­cus, so it’s no sur­prise peo­ple would wait to see the out­comes.’’

Buy­ers look­ing for a house now have about half the se­lec­tion to choose from than they did 10 years ago.

Realestate.co.nz’s lat­est sta­tis­tics show a sig­nif­i­cant fall in avail­able list­ings. The num­ber of new prop­er­ties avail­able for sale fell 8.4 per cent last month com­pared to the same time in 2016.

There are now just 24,307 list­ings on its site, com­pared to al­most 50,000 in 2007 – even though 10 years ago on­line list­ings were not such an in­te­gral part of the sales process. Spokes­woman Vanessa Tay­lor said the drop in avail­able prop­erty for sale had be­come sig­nif­i­cant over the past three years.

By Oc­to­ber 2014, the to­tal hous­ing stock listed sat at 39,917. It dropped an­other 40 per cent over the fol­low­ing three years.

‘‘We have had a chal­leng­ing win­ter and that dom­i­nated de­ci­sions, be­cause peo­ple al­ways want to show their homes in the best light. When there’s rain, wind and cool tem­per­a­tures, prospec­tive buy­ers tend not to ven­ture out as much,’’ Tay­lor said.

‘‘We also had an elec­tion with prop­erty as a sig­nif­i­cant fo­cus, so it’s no sur­prise peo­ple would wait to see the out­comes.’’

Ev­ery re­gion in the North Is­land ex­pe­ri­enced a fall in new list­ings, with the ex­cep­tion of the Hawke’s Bay which was up by 3.6 per cent com­pared to Oc­to­ber 2016. Auck­land ex­pe­ri­enced a 9.3 per cent fall in new list­ings.

In the South Is­land, Nel­son reg­is­tered the high­est num­ber of new list­ings for Oc­to­ber com­pared to the same month in 2016, with 235 new list­ings.

Over­all stock lev­els fell 9.3 per cent in Auck­land, al­though the num­ber of list­ings in the rest of the coun­try picked up.

‘‘Es­sen­tially this tells us that homes are not sell­ing quickly in Auck­land and this has had an over­all im­pact on the na­tional mar­ket,’’ Tay­lor said.

This is also re­flected in Auck­land’s prop­erty ask­ing price, which has been largely static over the past year. The av­er­age Auck­land re­gion ask­ing price in Octo- ber 2017 is $937,922.

‘‘Auck­land home­own­ers are be­ing re­al­is­tic and na­tion­ally it’s still a sellers’ mar­ket, but less so in both the Auck­land and Can­ter- bury re­gions,’’ she said.

The av­er­age ask­ing price fell in Can­ter­bury, down 1.5 per cent on the year be­fore, Wairarapa, down 3.7 per cent and the West Coast, down 12.3 per cent.

Ask­ing prices lifted the most in Cen­tral North Is­land, up 10.8 per cent, fol­lowed by Gis­borne, at 9.3 per cent.

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