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The number of new properties listed for sale on Realestate.co.nz in January fell from December for the first time in four years and asking prices on the site also fell as the market remained sluggish and favoured buyers, Realestate.co.nz reported.
Here is the rest of the release on the monthly report from real estate.co.nz below and the full report is available at unconditional.co.nz.
The upward trend in home sellers’ price expectations is being driven by the main centres of Auckland, Wellington and Christchurch, while rural New Zealand faces an extended property market “hangover”, the latest market report from realestate.co.nz says. (Update 1 includes report highlights.)
The Auckland market in particular is driving rises in asking prices, realestate.co.nz CEO Alister Helm said. The latest report on the month of November showed an ongoing shortage in properties listed in the main centres, with rural New Zealand being hit with slower sales coupled with a swelling of inventory levels, Helm said.
“While national price expectations continue to rise, this is mainly driven by the Auckland market. In the provinces by contrast, slow sales during October and November increased the available stock of properties up to an inventory level of just over 51 weeks,” he said.
Here are the highlight’s from the November property market report. Realestate.co.nz lists over 94% of all listings currently marketed by real estate agents in New Zealand:
The traditionally strong bounce in property listings was subdued in October, with new listings during the month down 6% from October 2008, property website realestate.co.nz said.
New listings on the site were up 7% from September while asking prices were steady and inventory levels rose as sales volumes remained subdued during the month, CEO Alistair Helm said.
“We are seeing a certain confidence in the market through people searching on the site and also people listing their property, but the seasonal uplift in listings has not happened as it did in years gone by,” Helm said.
Realestate.co.nz lists over 100,000 properties at any one time, representing over 90% of all listings currently marketed by real estate agents.
New listings jumped 19% in September from August, which was ahead of expectations, Helm said at the time. However, growth in October, which tends to be one of the largest months for new listings, was below growth in previous years.
The spring impact on the housing market “clearly showed” as the number of new listings on property website realestate.co.nz jumped 19% in September from August, CEO Alistair Helm said. Asking prices were also up 6% from August.
“As the economy slowly recovers from the impact of the recession, it appears sellers are more confident that buyers will be active in the market and willing to engage at a market rate for their property,” Helm said.
“While we always expect an increase in both the number of listings and the price expectations during the spring/summer period, this relatively large jump on both figures is a strong indicator of improved health in the property market,” he said.
“The anticipated seasonal lift in new listings coming onto the market as measured by the website occurred in September at a level ahead of expectations.”
A shortage of residential house sale listings in Auckland, Wellington and Christchurch is an indication that home sellers have the upper hand over buyers ahead of the traditional spring upturn in the property market, realestate.co.nz said in its monthly NZ Property Report.
“The arrival of spring typically signals a surge in residential property market activity, but with inventory levels low this year – particularly in the three largest centres – vendors may be encouraged to increase asking prices,” realestate.co.nz CEO Alistair Helm said.
However looking at August figures, Helm said an increase in prices had not been seen yet. August asking prices were little changed from July, which reflected a “stable market with no signs of heated property price inflation,” Helm said.
“If potential sellers continued to hold off listing their properties, however, the shortage of available stock could push prices up over the coming months,” he said.
The August truncated mean asking price on realestate.co.nz was NZ$397,187, which was still 7% below the peak of NZ$429,033 seen in October 2007.
Realestate.co.nz has released its monthly report for June showing the number of new property listings is continuing to fall and the number of weeks of inventory on sale has fallen to an 18 month low of 31.5 from 35.4 in May. It peaked at 52 weeks in February.
Asking prices for properties listed on realestate.co.nz fell 0.3% in June to a national mean of NZ$403,107 from the average of the preceding three months. Commentary from the report is below.
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