Inventory down except in Canterbury, Harcourts says

It has released its statistics for January, which show only Christchurch has experienced a year-on-year increase in property on hand.

Harcourts chief executive Hayden Duncan said stable interest rates, competitive mortgage products on offer from banks and a stable economic outlook were fuelling buyer activity into autumn.

“New Zealand is in a situation where we have growing population numbers, a stable economy, and growing consumer and business confidence. The only thing preventing those looking to buy property is the lack of affordable housing in the areas it’s needed. With building consents lagging behind population growth, particularly in Auckland, that situation won’t change without government policy change.”

In the Northland and Auckland region, listing numbers were up 4.1% compared to January 2014, written sales were up 12.1%, the average sale price as up 3% and property on hand was down 5%.

In the central region, new listings dropped 10.7%, property on hand was down 7.3%, written sales were up 22.9% and the average sale price was down 8%.

In Wellington, the average sale price was up 8%, Harcourts said, listings were up 3.3% and property on hand dropped 4.8%.

Christchurch was the outlier, with property on hand up 25% compared to a year earlier while written sales were down 1.9% and average sale price down 13%.