Property

Snail’s pace for new listings

New house listings last month were down 18.9% nationally, while stock remained up in almost all regions compared to April last year, data from realestate.co.nz show.

Tuesday, May 02nd 2023

The online sales portal spokeswoman Vanessa Williams says when new listings drop but the decline isn't reflected in total stock numbers, it her buyers are taking their time.

"Credit conditions remain tight for buyers while interest rates are uncertain for anyone without a crystal ball. Buyers are still searching for property, but many are delaying their buying  decisions given the economic climate."

Williams says REINZ March data confirms this, with days to sell rising to 45 days in March – nine days longer than in March last year.

She says while the market is no longer, buyers and sellers alike have more time to negotiate. “People should never buy based on the market, it must come down to personal and financial circumstances."

There were 28,643 homes available for sale last month nationwide. Prices displayed on adverts overtook auctions as the most popular listing type.

Last month, only 19.2% of residential dwellings on realestate.co.nz were listed as auctions. Two years ago, when the market was in full flight, auctions made up 34.8% of all listings.

"In a slower market, vendors tend to choose a sales method that is less time pressured,” says Williams.

New listings at lowest levels for any April on record

New listings were down year-on-year in all regions last month except Coromandel, which bucked the trend with a 9.8% increase.

Nine regions had new listing levels down by more than 20% compared to April last year.

Looking at every April since 2007, new listings were at a record low nationally and in 16 of 19 regions last month only Nelson, Coromandel and Central North Island did not reach the record.

Williams says many people are holding off listing their properties for sale right as they wait to see what will happen with interest rates.

The biggest year-on-year drops in new listings were in: Bay of Plenty (down 33.2%), Gisborne (down 42.3%), Hawke's Bay (down 21.7%), Taranaki (down 21.5%), Wellington (down 35.5%), Otago (down 27.3%), Central Otago/Lakes District (down 22.7%), Wairarapa (down 21.2%), and Manawatu/Whanganui (down 29.6%).

Average asking prices down in all except two regions

Compared to April last year, average asking prices were down almost everywhere last month.

The only places that didn't have an annual drop were Marlborough (up 6.7%) and West Coast (up 3.6%). In Bay of Plenty and Nelson & Bays, average asking prices remained flat with marginal shifts of just -0.1% and -0.9%, respectively.
Interestingly, after hitting an all-time high in March, Central Otago/Lakes District fell into line with the national trend, with prices dropping by 5.6% in the region last month.

The national average asking price is now almost $100,000 less than it was a year ago, and in Auckland, Gisborne, Waikato, Wairarapa and Wellington, average asking prices are more than $150,000 below what they were at the same time last year.

However, Williams says during the pandemic many people redirected travel spending into the property market. “But with the borders open again, it's as though this is an overcorrection on the way back to something resembling 'normal'.”

Comments

No comments yet

SBS FirstHome Combo 6.14
Unity First Home Buyer special 6.55
Co-operative Bank - First Home Special 6.59
Heartland Bank - Online 6.69
Co-operative Bank - Owner Occ 6.79
BNZ - Classic 6.85
ANZ Special 6.85
ASB Bank 6.85
Kiwibank Special 6.85
TSB Special 6.85
Westpac Special 6.89
Heartland Bank - Online 6.35
Unity First Home Buyer special 6.45
Co-operative Bank - Owner Occ 6.49
SBS Bank Special 6.49
ANZ Special 6.49
TSB Special 6.49
Kiwibank Special 6.49
ASB Bank 6.49
BNZ - Classic 6.49
ICBC 6.69
Westpac Special 6.75
ASB Bank 5.99
SBS Bank Special 6.19
Co-operative Bank - Owner Occ 6.35
AIA - Go Home Loans 6.39
TSB Special 6.39
Kiwibank Special 6.39
BNZ - Classic 6.39
ICBC 6.39
Westpac Special 6.39
China Construction Bank 6.40
SBS Bank 6.79
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Standard 8.40
Co-operative Bank - Owner Occ 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Massive liberalisation of planning rules to end housing woes

Thursday, July 04th 2024

Massive liberalisation of planning rules to end housing woes

Housing minister Chris Bishop has revealed plans to “flood the market” with enough land to end the country’s housing crisis.

Predictions cut for rising house prices

Thursday, June 27th 2024

Predictions cut for rising house prices

Two of the country’s major banks have slashed their house price growth forecasts for the rest of the year.

Alternative to first home grant

Sunday, June 23rd 2024

Alternative to first home grant

Auckland-based entrepreneur Derek Handley has set up a privately funded financial services group offering an alternative first home loan scheme.

Growing number of property investment dollars moving across the ditch

Thursday, June 20th 2024

Growing number of property investment dollars moving across the ditch

More needs to be done to offset the loss of millions of dollars in property and business investments to Australia caused by a growing exodus of wealthy Kiwis, says an industry expert.