Fewer properties on the market
There are now fewer residential properties for sale nationwide than at any time since 2006.
The data from realestate.co.nz found there was only 16.3 weeks of inventory (time it takes for a home to sell), compared to the long-term average of 35 weeks. In Auckland, the inventory is only 9.6 weeks. These properties did not stay on the market for long, hence the low inventory levels.
These properties are now spending less time in the market, suggesting that market pressures will remain high while the current rate of turnover continues. Low inventory was usually associated with higher asking prices.
Data also shows that the average asking price in many regions had dropped since August, however long term trends show a strong increase in asking price - with six regions in the country achieving their highest average asking price in September.