Auckland in 'wait and see' mode

The property listings website reported a national drop in demand of almost 14% in April, compared to the year before. That is measured on the basis of the average number of views recorded per listing on the site.

In Auckland, demand was down more than 31%. There were 3.7% more new listings in the month than the same time the year before and 31.7% more properties available to buy.

"Auckland appears to be in 'wait and see' mode right now," said spokeswoman Vanessa Taylor.

“A cooling in demand and an increase in the number of properties sitting on the market indicates that potential buyers are taking their time and exploring all of their options.”

But things were still tight elsewhere in the country.

Of the 15 regions surveyed, 12 recorded a drop in available property listings of more than 25%, year-on-year.

In Hawke's Bay, the stock level is at an all-time low. The asking price for lifestyle properties hit a record $1.2 million although the overall average asking price for all properties fell. The number of new listings fell 26%.

"Hawke’s Bay has had an attraction for many people for some time and this has been accentuated in the recent past,” Taylor said.

Other regions with record low stock levels included Gisborne, Manawatu-Wanganui, Northland and Taranaki.

Wairarapa has seen stock levels drop 47.1% in a year. There, demand for property lifted 31.7% in the year. Southland and Gisborne also recorded increases in demand.

Nationally, the average property asking price in April moved only 2.1% above the previous month, up to $643,460. In most regions, movement was negligible.

The exceptions were the West Coast (up 23.8% to $314,761), Wairarapa (up 14.8% to $425,571) and the Coromandel (up 13.8% to $714,965).

Hawke's Bay and Wellington recorded low inventory levels in the month. In each region, if sales continued at the current rate with no new listings, all the properties listed for sale would be gone in seven weeks.