Auckland inventory at five-year low

The city’s inventory level – a measure of the time it would take all the property on the market to sell – has fallen to 17.4 weeks. The long-term average is 32 weeks.

Paul McKenzie, the website’s marketing manager, said: “Although price expectations have steadied, the Auckland property market is especially active at the moment, and the low inventory will no doubt continue to raise confidence amongst sellers in the region.”

Nationwide, inventory levels fell 1% to 30.5 weeks.

The report also showed 11,514 properties for sale came onto the national market in September; a 7.6% lift from the previous month and a 0.3% increase on the same time last year

The average asking price remained steady nationally in September at $429,312.

McKenzie said the market favoured sellers in 15 of the country’s 19 regions.