April Property Report: Auckland House Prices Reach New High
Auckland asking prices have risen 12% this time last year and reached a new high of $685,426 last month.
The national asking price in New Zealand however dipped last month to $477,460 (down 1.4%) but up 7% this time last year.
The number of new listings in April came to a grand total of 10,245 which equated to 2% more than the number of new listings seen this time last year. However the number of new listings was significantly less (down 18%) than we reported in March this year.
The inventory of unsold homes on the market recovered again in April, rising 3% from March to 29 weeks of stock, and was up 8% on the same time last year. This shows that there continues to be rebalancing in the market, and we expect to see this continue throughout May.
While inventory (based on weeks of equivalent sales) is beginning to ease, and see some re-balancing, we are still well below the long term average inventory (time it takes a home to sell from point of listing) of 37 weeks of stock.