Longer selling times + more stock = a balancing Auckland market
The latest news in from Unconditional reports low levels of housing stock in some regions of New Zealand are continuing to benefit sellers. With the exception of Auckland, there has been a gradual decline in housing stock over and above the typical midwinter seasonal lull.
The inventory nationwide tallied 21,462 houses for sale across New Zealand, which is down 24.8% from the previous year.
With inventory levels continuing to fall, the property market continues to see an increase in asking prices, most notably in the Coromandel, where the average asking price is up 7.2% from the previous month and is an all-time high.
The other areas that have hit an all-time high in August are Canterbury, Nelson & Bays, Bay of Plenty, Waikato and Auckland.
Auckland is the only region in the whole of New Zealand where housing stock is up compared to the same time last year. However, demand appears to be easing signalling a more balanced market.
The number of new listings in Auckland dropped by 12.4% compared to the previous year, however, the total Auckland housing stock levels are up by 4% for the same period. This tells us that homes are taking longer to sell, which could be as a result of LVR restrictions.