Auckland's average asking prices have increased
It still a matter of supply and demand. There has been a tightening in supply of listings as well as a decrease in demand which equals a stable environment.
The asking prices remain steady and consistent with the average asking price in Auckland is up 2.8% compared to the previous month.
New property listings in Auckland fell last month compared to the same time last year by 13.9%. This means that theoretically if no new properties were to come onto the market from today, Auckland’s property stock would ‘sell out’ in 23 weeks.
The recent statistics from realestate.co.nz show that last month new listings fell by 17.5% nationally compared to the same period in 2016, however prices in most regions remained relatively stable.
In July 2017, only 7,933 new listings came onto the market across the whole country, which is the lowest number in any July month since our records began in 2007.
In every other region in the country, it’s still a sellers’ market, as measured by the inventory of listings.