Auckland property listings jump up

Saturday 1 April 2017

The number of properties being listed for sale nationally jumped up in March, leaving most regions with buyers markets, according to new realestate.co.nz data.

By Miriam Bell

The website’s data shows that for just the second time in 10 years the national number of new listings in March exceeded the number of new listings in February.

The national listings increase was led by Auckland, Waikato, Wellington and Canterbury which all saw double digit growth compared to the same time the previous year.

It was Auckland that led the new listings charge: the Super City saw a 20.5% increase in new listings as compared to March 2016.

At the same time, Auckland asking prices remained static. They were up by just 0.2% to reach $952,542 in March.

Inventory levels in the Auckland region increased to 19 weeks in March from 18 weeks in February. This marks a significant turnaround from the May 2016 low point of 9 weeks.

Realestate.co.nz spokesperson Vanessa Taylor said that last year Aucklanders saw properties achieving prices beyond expectations, with fierce competition fuelled by tight stock and increased buyer interest.

But now it could be that after the volatile nature of 2016, potential sellers have noted that the market has been relatively flat in the past few months, she said.

“If they’ve been talking about making a move on the property ladder, whether up, down, or even out of the region, they may have more confidence that their next purchase will be in the context of a more stable price environment.

“More homes on the market is good news for buyers, with more choice and less competition for individual properties.”

Besides Auckland, the Waikato and Canterbury markets also saw a notable rise in new listings.

However, while Waikato saw an 11.7% increase in new listings, the total number of listings on the market was slightly down on the same time last year - indicating a high turnover of properties.

Further, average asking prices in the Waikato went up by 4.7% to an all-time high of $540,356 in March from February.

Taylor said the Waikato region has been in the spotlight over the past two years, as Aucklanders looked to migrate southwards, fleeing inflated prices and the difficulty of entering the market.

Meanwhile, listings in Wellington rose by 11.8% year-on-year but the total number of properties on the market was down by 4.7% year-on-year.

Taylor said the Wellington region has been a tight market for some time, with fewer listings compared to other main centres.

This has led to potential buyers in the lower half of the North Island being savvy when it comes to comparing opportunities and has resulted in a significant increase in interest in a neighbouring region, she said.

“With the Wairarapa relatively close to the capital and asking prices on average a third cheaper, it could well be the peoples’ choice over the Wellington region.”

Comments from our readers

No comments yet

Sign In / Register to add your comment

House Prices

Massive RV increase for Auckland

Residential valuations skyrocket to 46% higher than the 2014 valuation.

Commercial

Syndicating options

Commercial property syndicates give investors options and risks they might not otherwise have access to – but they do come with risks.

Mortgages

Growth outlook overshadows OCR call

New Zealand’s lower economic growth was acknowledged by the Reserve Bank in its OCR statement today – which means there's a chance their next call could be more doveish.

Site by PHP Developer