Prospective home buyers should have more to choose from this summer with a big jump in new listings and a sharp rise in the total number of homes available for sale.
Property website Realestate.co.nz received 13,758 new listings in November, up 24% compared to October and up 9% compared to November last year.
That is the highest number of new listings the website has received in any month of the year since October 2014.
That in turn helped to push the total number of homes available for sale on the website up to 19,260, up 5.1% compared to November last year and almost equalling the stock levels of March this year, which is usually the busiest month the year for real estate sales.
Those figures suggest the supply pressures in the market which have left prospective buyers competing for a limited number of homes available for sale, may be starting to ease.
In its November report Realestate.co.nz said the figures suggested the market was at a "turning point."
"The new Zealand property market is taking an encouraging turn," Realestate.co.nz chief executive Sarah Wood said.
"It looks like buyers will have more homes to choose from this summer."
Pricing data from Realestate.co.nz was more mixed in November.
The national average asking price of properties listed for sale on the website pushed past the one million dollar mark for the first time at $1,003,413*, up by $23,282 compared to October.
However, there was no clear trend around the country, with November asking prices down in eight regions compared to October and up in 11.
However, it may be significant that the regions which showed a decline in asking price in November - Waikato, Bay of Plenty, Hawke's Bay, Central North Island, Wairarapa, Central Otago/Lakes and Southland, included several where price gains had previously been among some of the strongest in the country.
*Note: Realestate.co.nz produces both seasonally adjusted and non-seasonally adjusted asking price data. The numbers interest.co.nz refers to in this article are non-seasonally adjusted.
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