Property

Is the buyers’ market about to end?

Data from the latest NZ Property Report from realestate.co.nz suggests the housing market may be turning from a buyers’ to a sellers’ market.

Friday, May 01st 2009

The volume of listings dropped dramatically around the country by 34% in April compared to the same month last year. All areas showed a double digit, year on year decline with the exception of Nelson. But asking prices remained relatively stable, dropping only 1.7% nationally. In some areas, prices have started a strong movement upwards.

“This lower listing inventory which has been seen as a trend for over 12 months, matched to the recent awakening of sales in February and March, could mark the end of the buyers’ market which is how the property market has been typified over the past 18 months,” the report said.

Based on data compiled from asking prices and listings that come onto the realestate.co.nz websiste, the report says there’s no clear sign the market has entered into a sellers’ market with any consequential impact on prices. “But there has to be a point of inflection and that is a sense of where the market currently is.”

The biggest fall in listings was recorded in Northland, down 56%. Representing over a third of all sales listings, Auckland experienced a 34% decline of 1,689 listings compared to April 2008 and 1,369 compared to April 2007.

Across the regions, asking prices slipped with 12 regions reporting price declines, the largest in Marlborough at 9.8%. Six areas reported an increase in listing prices. The largest was on the West Coast with 22.4% growth to an asking price of $279,882. Prices also went up 13.4% in the Central North Island and 13.8% in Nelson.

There were just 405 new apartment listings in April, which is 37% down on the same month last year. The median asking price of $372,865 was down 15% from last month and 16% on last year.

Most Read

SBS FirstHome Combo 4.29
Unity First Home Buyer special 4.29
Co-operative Bank - First Home Special 4.85
China Construction Bank 4.85
ICBC 4.85
TSB Special 4.89
Kiwibank Special 4.89
ASB Bank 4.89
Westpac Special 4.89
BNZ - Std 4.89
AIA - Go Home Loans 4.89
Nelson Building Society 4.93
ICBC 4.95
SBS Bank Special 4.95
China Construction Bank 4.95
Wairarapa Building Society 4.95
TSB Special 4.95
ANZ Special 4.95
ASB Bank 4.95
Kainga Ora 4.95
Westpac Special 4.95
AIA - Go Home Loans 4.95
SBS Bank Special 5.39
Westpac Special 5.39
ICBC 5.39
Co-operative Bank - Owner Occ 5.59
BNZ - Std 5.59
BNZ - Classic 5.59
AIA - Go Home Loans 5.59
ASB Bank 5.59
Kainga Ora 5.69
Kiwibank Special 5.79
ANZ 5.79
SBS Construction lending for FHB 3.94
AIA - Back My Build 4.44
CFML 321 Loans 4.99
Co-operative Bank - Owner Occ 5.95
Co-operative Bank - Standard 5.95
Heartland Bank - Online 5.99
Pepper Money Prime 6.29
Kiwibank - Offset 6.35
Kiwibank 6.35
TSB Special 6.39
Kainga Ora 6.44

More Stories

Four decades of 6-7% yearly house price growth ending

Friday, March 21st 2025

Four decades of 6-7% yearly house price growth ending

New Zealander’s reliance on property capital gains in the mid-single digits is at an end.

[TMM Podcast] Yelsa serves up “marine reserve” of property buyers

Friday, January 31st 2025

[TMM Podcast] Yelsa serves up “marine reserve” of property buyers

It’s been years in the making and former real estate agent Mike Harvey is now coming to market with his platform matching buyers and sellers, an offering he says will be a gamechanger for the industry.

Leaving last year's stumbling housing market behind

Friday, January 17th 2025

Leaving last year's stumbling housing market behind

As interest rates ease and job losses climb, New Zealand’s housing market faces a mixed year of modest growth, with conflicting forces shaping the outlook for homebuyers and investors.

Don’t bet on house prices rising faster than incomes

Wednesday, January 15th 2025

Don’t bet on house prices rising faster than incomes

Former Reserve Bank Governor and National Party leader Don Brash says there are grounds for believing that house prices may finally have ended the three-decade period when they rose significantly faster than incomes.