The residential real estate market appears to have gone into hibernation over winter, with property website Realestate,co.nz reporting the lowest number of new listings in the month of June since it began recording the data in 2007.
Realestate.co.nz received 7545 new listings throughout the country in June, down 7.3% compared to June last year and down 16.4% compared to June 2017.
The highest number of new listings received in the month of June was in 2007 when 13,430 were received.
The downturn affected most of the country, with record low new listings for the month of June in 12 of the Realestate.co.nz's 19 sales regions - Northland, Auckland, Coromandel, Bay of Plenty, Gisborne, Taranaki, Manawatu/Whanganui, Wellington, West Coast, Central Otago/Lakes, Otago and Southland.
In the critical Auckland market, new listings in June were down 12.7% compared to June last year and down 25% compared to June 2017.
In the remaining seven regions - Waikato, Hawke's Bay, Wairarapa, Central North Island, Nelson/Bays, Marlborough and Canterbury, new listings in June were at generally low levels but not record lows.
However buyers will still have plenty of choice because although new listings were down in June, the total number of homes available for sale on Realestate.co,.nz was up compared to a year ago.
At the end of June 23,519 residential properties were available for sale on the website, up 4.0% compared to June last year
In Auckland stock levels were up 8.7% at the end of June compared to June last year.
Average asking prices were less volatile, but generally weaker, with the national average asking price dropping to $653,812 in June from $662,810 in May, putting it almost to where it was a year earlier when it was $645,113.
The all time high national average asking price was $704,002 set in October last year.
However record high asking prices were set in four regions in June - Manawatu/Whanganui, Wellington, Canterbury and Southland.
In Auckland the average asking price increased from $873,445 in May to $898,259 in June, with May and June being the only months where the average asking price has been below $900,000 since August 2016.
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