Only the top and bottom of the country entered spring with fewer houses on the market than a year earlier, according to the Real Estate Institute of New Zealand (REINZ), emphasizing the glut of properties currently for sale.
August's REINZ data, released on Friday, showed the national inventory level up 30% year-on-year to 29,579. Although this was down 977 from 30,556 in July, it shows the real estate industry entering the traditionally busy spring period with a lot of properties on the books. That means it's a buyer's market.
Inventory refers to the number of properties being actively marketed and listed for sale. REINZ measures inventory based on the number of weeks of sales current listing volumes represent.
REINZ notes all regions across the country had an inventory increase in August year-on-year. Taranaki has now had 34 consecutive months of year-on-year inventory increases, while Northland's had 29 consecutive months where inventory has been at least 15% higher than the same month the year before.
Thirteen regions recorded a year-on-year increase in listings in August. Bay of Plenty and Otago have now had seven consecutive months where listings have been at least 15% higher than the same month the previous year. And Hawke’s Bay has recorded eight consecutive months where listings have been at least 15% higher than the same month the year before.
Across the regions, only Northland and Southland ended August with less housing inventory than they had heading into last spring. Northland had 44 weeks of inventory in August, one week less than at the same time last year. Southland had 19 weeks of inventory in August, two weeks less than at the same time last year.
Elsewhere around the country, Auckland entered spring with 29 weeks of inventory, four weeks more than at the same time last year, Waikato was up 11 weeks year-on-year at 30 weeks, Bay of Plenty was up three weeks with 27 weeks worth of inventory. Gisborne was up a week at 12 weeks. Hawke's Bay was up six weeks at 23 weeks. Taranaki was up one week at 22 weeks. Manawatu/Whanganui was up three weeks at 26 weeks. Wellington was up three weeks at 14 weeks. Nelson/Tasman/Marlborough was up a week at 25 weeks. West Coast was up 10 weeks at 39 weeks. Canterbury was up a week at 16 weeks, and Otago was up one week at 18 weeks.
REINZ says the total number of properties sold nationwide fell by 40 to 5,685 in August, year-on-year.
Housing inventory
Select chart tabs
*This article was first published in our email for paying subscribers. See here for more details and how to subscribe.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.