Low listing numbers on Realestate.co.nz suggest a subdued spring for the housing market but prices appear to be holding their own

Can't sleep Greg?

Mr. Ninness. Thanks and appreciation,in your continuous professional output of salient articles, hour by hour, day by day, week in and out. Whether simple updates or comprehensive and factually supported reviews. No other professional journalist that zi know of , or read, has this level of knowledge, consistency and out put. Commendations.

Where can we view this report??

Interested to see what is happening with average asking prices across Akld.

Looks like the Spring Bounce has become the Dead Cat Bounce.
Cutting interest rates to almost zero won't help either.
People are only interested in the monthly payments and whether they can afford them, not to mention all the other outgoings that home ownership brings.
The writing is on the wall. Rents are rising as a result of relentless attacks on investors and landlords which just heap costs on top of regulations on top of more costs. The trumped up imaginary non-existent "Housing Crisis" we were conned into believing really existed, will soon enough become a reality.

So we'll soon see agents riding cycles.

Well the positive is that it's good for the environment, they can make up after being so toxic to society

Average asking price in Akld dropped by 1.0% (about $9000) from the previous month

Lower for longer.

Lower listings, lower sales, lower prices, lower interest rates, lower business confidence, lower business investment, lower immigration, lower share price at Deutsche Bank, lower Euro confidence with Brexit looming.

In fairness a few areas are higher, higher building consents and COCs, higher anti money laundering scrutiny, higher debt, higher cash holding at Berkshire Hathaway (vulture fund awaiting something...), higher share buybacks, higher tax avoidance via profit shifting, higher antitrust activity (Google), higher fuel prices

All paints a rosy picture dosent it?

"quiet start to the summer selling season".. Noooo, the buy me now message is deafening!

Data / News / Media will be positive one day and the very next day, will be negative and this will continue as have to run the show.

Reality in Auckland, Market has fallen but not as much as it would have but for low interest rate so is now stable at those fallen price.

If we have another round of fall than it will be real fall so is wait and watch.

Listings are down because about 20% of former vendor potentials who do not want to move/sell.
This reflects confidence about their prospects and also consideration of what price they think they will get , relative to what they paid and think their place is worth (for non-investors.)
FHB continue to expand in terms of market share of loans and buying activity.
Investors continue to retreat, as seen in mortgage figures from RBNZ

September sales will likely be moderately above Sept 18. Because last Sept was atrocious and marked start of last 12m of declining sales, following front running of OBB.

I'm not so sure about the upcoming spring sales, it still feels like winter where we are. The latest RE numbers say it's still winter as well. It could be a long cold summer.

Logically, if we have - 22.5% listings in Auckland, can expect - 22.5% drop in sales in next 3-4m? Compared to 2018 for same period?
Thus far in 2019, it is about 12-16% depending on what 3 month period you look at.
Fewer listings, fewer sales, lower prices ....IS this a recovering "market"?
To me, it remains flat to falling with interest rate cuts failing to enthuse taking on of debt by other than FHB who run greater risks than they know.
Another 10% drop in prices next year I expect.
And, if you want to examine "affordability" try looking at figures showing number of sales below $750k in each year in Auckland form 2011 - 18 inclusive. The drop is precipitate

When the Aust gets a rash, NZ will get the itch!

https://www.abc.net.au/news/2019-10-01/rba-cuts-rate-to-new-low-of-0.75…