Buyers appear likely to retain the upper hand as the housing market heads into spring, with the amount of stock for sale at a 10 year high.
The latest figures from property website Realestate.co.nz show it had a total of 29,579 residential properties available for sale on the website at the end of August. That's a 10 year high for the month of August, and was up 30% compared to August last year.
However new listings were flat, with 8048 received by the website in August, almost unchanged from the 8080 received in July, but up 8.1% compared to August last year.
Pricing signals were a bit mixed, with the seasonally adjusted average asking price dropping to $844,595 in August from $848,854 in July.
The seasonally adjusted average asking price has now declined by more than $51,000 from it's summer peak of $895,883 set in February.
However the non-seasonally adjusted average asking price perked up a bit in August, rising to $826,195 from $816,797 in July. However, that's still down by $101,117 from its summer peak of $927,312 in February.
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