Latest property report - Demand in Auckland has slowed
The latest statistics from realestate.co.nz for the month ending October, show that demand (as measured by taking the number of listing views of residential properties on the site and comparing it with the average number of views over the previous 12 months*) is up 50.4% in Manawatu-Wanganui. Over the same period, demand for property in Auckland has fallen by 9.6%
Auckland was the only region across the country where the total number of residential dwellings for sale (inventory) was up, compared to October 2015. Total stock fell in all other regions across New Zealand. While Auckland was up slightly (1.4%), nationally the total housing stock levels fell dramatically (by 24%) when compared to the same month last year.
“Auckland asking prices continue to rise and as such, homes are spending longer on the market. Vendors continue to be focused on selling at a premium while buyers are being more considered and taking time to assess all of their options. With more stock on the market buyers aren’t feeling the same pressure they were 12 months ago,” says Brendon.
If no new listings were to come onto market in Auckland, all the existing properties would be sold in 12.5 weeks, compared to 9.3 weeks in May this year.