Asking price growth slowing: Realestate.co.nz

Over the last year, the site said its average asking price for properties had increased 3.9%, compared to an 8.7% increase the previous year.

The inventory of homes available for sale remains below the long-term average. In Auckland it sits at 15 weeks of available stock, done from an average of 27.

Realestate.co.nz marketing manager Paul McKenzie said the number of new listings would normally increase strongly month-on-month at this time of year.

This year’s increase was not as dramatic, he said. “The number of new listings in August was lower than the norm, and it’s the same again in September, with 10,408 homes coming onto the market. However, new listings often peak in October and November, and we still expect a marked increase in the supply of homes for sale over the coming months.”

The average asking price in September was $484,791, near the record $490,550 set in June.

Auckland’s asking prices are rising the most strongly in the country – property owners now expect 10% more than they did a year ago.  The city’s asking price was $709,466 in September.

Only Taranaki, Marlborough, West Coast and Central Otago/Lakes reported a month-on-month asking price drop. The West Coast’s drop was the largest, down almost 18%.

Gisborne had the biggest month-on-month asking price increase, up 16.6%.