There was a flood of new residential property onto the market in July, particularly in Auckland.
Leading property website Realestate.co.nz received 8808 new national residential listings in July, which was up 20.7% on July last year, and was the highest number of new listings for the month of July since the tail end of the last property boom in 2016.
The rush of properties onto the market was particularly strong in Auckland where 3425 properties were newly listed for sale on the website in July, up 39.7% on July last year, and the highest number for the month of July since 2015.
New listings were also up strongly compared to July last year in the Waikato +21.0%, Coromandel +52.4%, Hawke's Bay +31.1%, Wellington +18.9%, West Coast +81.4%, Central Otago-Lakes +22.1%, Otago +13.9% and Southland +17.1%.
The only regions where new listings were not up compared to July last year were Gisborne -26.5%, Wairarapa -30.7% and Marlborough -3.4% (see chart below for the full regional breakdown).
July was the second month of strong new listings growth, with June's new listings up 19.7% compared to June last year.
Vendors have likely been encouraged by the generally buoyant housing market since COVID-19 lockdown ended, which has maintained prices near the recent highs achieved just before the lockdown commenced in March.
The average asking prices were a mixed bag in July, tracking higher in 11 regions compared to July last year and declining in eight.
The biggest increase was on the West Coast where the average asking price was up 24.9% in July compared to the same month last year, while the biggest decline was in the Central North Island where it declined by 6.3% (see chart below).