Number of homes on market drops
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 October 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 Canterbury 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.
The decline in available property for sale has become significant over the past three years.