Property slowdown shows online
Properties in some parts of the country are now taking twice as long to sell as they did a year ago, Trade Me data shows.
The website has released a data update which shows that the average property listed on the site was advertised for 51 days in April, up 56% year-on-year.
In Auckland the average number of days in April was 55, compared to 31 last year but 57 in 2019.
Hawke’s Bay lifted to 57 from 28 last year and 39 in 2019.
It and Manawatū /Whanganui, also now at 57 days on average on the site, had the slowest properties to sell.
Wellington was up to 55 from 24 last year and 33 the year before and Canterbury properties were taking an average of 43 days from 32 last year and 57 in 2019.
Trade Me Property sales director Gavin Lloyd said the Wellington jump of 129% from 2021 to 2022 was the biggest in the country.
He said this was because the market had ‘‘taken its foot off the accelerator’’ after a sustained period of intense growth.
‘‘Over the past few years, the capital has really experienced a boom in demand for properties beyond what we have seen anywhere else in the country. This massive jump in the amount of time properties are onsite is a sign the region’s market is levelling off and falling in line with other regions.
‘‘We’ve seen a dramatic jump in the amount of time properties are listed onsite, up from 31 days in April last year, suggesting the market is cooling off after running hot over the past couple of years,’’ Lloyd said.
Lloyd said properties in the Nelson/Tasman region sold the fastest in April, with listings on the site for an average of 40 days.
‘‘Canterbury followed closely, with an average listing duration of 43 days last month.’’
He said, even in the past month, the market had shown signs of slowing down.
‘‘If we look at March data, properties were listed onsite for an average of 42 days, meaning last month’s numbers show a 21% increase in four weeks alone.’’
Lloyd said properties were still selling faster than they were preCovid.
‘‘Going back to April 2019, before the pandemic sent shock waves through the market, the average amount of time properties remained onsite was 55 days – longer than we are seeing now.
‘‘What we’re seeing is likely a case of the market finding its rhythm again after feeling the impacts of Covid, with factors like access to finance and changing interest rates seeing it fluctuate dramatically since early 2020.’’
The national average asking price grew 18% year-on-year to hit $965,800 in April.