House vendors await outcome of election
Many homeowners may be waiting for the outcome of the election before they put their properties on the market, Trade Me Property suggests.
The website is reporting unusually low levels of stock for this time of year.
‘‘The market is typically flooded with new properties in spring, but we saw 10 per cent less new listings in September than last year,’’ said head of Trade Me property Nigel Jeffries.
He said the average asking price for a typical New Zealand house had stalled for a second month, up 1.1 per cent year-onyear in September and down 1 per cent on August to $607,400.
‘‘Right now is a very good time for any potential sellers,’’ Jeffries said. ‘‘There is less competition and we know there are plenty of buyers looking – views are up 3 per cent nationwide year-on-year.
‘‘We expect to see the number of properties for sale pick up once Winston [Peters] makes his decision and the uncertainty around the election has passed.
‘‘Homeowners will have a better feel for how the government could affect their investment.’’
Auckland’s average asking price was up 2.5 per cent on the same time in 2016. The number of new listings was down 20 per cent.
Jeffries said Auckland was pulling the national average asking price down.
‘‘While the average asking price outside Auckland is up a healthy 7 per cent, the supercity’s slow market is dragging the national average asking price down, given it makes up 35 per cent of the country’s listings for sale,’’ he said.
‘‘Property in the capital, on the other hand, is bucking the trend, with the average asking price up
10 per cent on last year. So buyers can expect to pay an extra $48,550.’’
Demand in Wellington is up 5 per cent on last year, with buyers now being asked to pay an average of $528,200 for a typical property as buyer interest puts pressure on prices.
‘‘The Wellington property market has stood strong over the last five years, climbing over 31 per cent and earning homeowners a hefty $127,000 since September
2012.’’
Hawke’s Bay recorded a 20.4 per cent jump to a record average asking price of $479,650.
Demand for property in Hawke’s Bay has risen equally, with 20 per cent more views per listing than September 2016.
Properties in Manawatu followed close behind, climbing 16.6 per cent year-on-year to $306,650, with a 25 per cent increase in demand forcing the average asking price through the $300,000 ceiling for the first time.
Canterbury saw the smallest annual asking price increase, climbing 0.2 per cent.