A jump in new listings in August is likely to keep housing in a buyer's market as we head into spring.
Property website Realestate.co.nz received 8769 new listings in August, which was up 9.0% on August last year and was the most it has received in any month over the three months of winter, jumping from 7612 in June and 7737 in July.
It was also the most new listings Realestate.co.nz has received in the month of August since 2020.
That helped keep the total level of stock for sale high, with realestate.co.nz having 30,000 residential properties available for sale at the end of August, up 1.4% compared to August last year.
That puts stock levels on the site at their highest level for the time of year since 2014 and they have more than doubled since August 2021 when there were just 12,249 residential properties for sale on the website.
That means buyers will still have plenty of choice as they head into spring and will likely retain the upper hand in price negotiations they have enjoyed since last year.
The average asking price of the properties listed on realestate.co.nz was $840,547 in August, which was the highest it has been over winter but still down by $11,741 compared to May.
11 Comments
That pretty much kills off any chance of house prices increasing much this year. Maybe next year?
We are heading towards clearance, and true price discovery as evidenced by the 2.8% quarterly fall in sale price, vendors wanting a sale are having to meet the market.
If we see decent sales over spring / summer its likely to continue this trend with buyers in control. These are real green shoots, if you are FHB push a hard bargain, stay away from auctions so you can offer subject to inspection and have no costs sunk, freeing you to move on and make more offers.
offer low Auckland is falling at $300 a day.
You can often get good deals as a market clears but you have to assume it will keep falling for 12-18 months so offer where you think it will be then but now. Also the better stock will sell faster leaving the unsellable crap.
Check insurability stay away from flood planes and hills above that may slide down onto you.
I do not think many investors will be chasing here as numbers do not work, consider places like hibiscus coast where they cannot develop for a while due to watercare, less buyers ... better prices
A decent number that I looked at were taken off over winter. Be interesting to follow them when they come back on.
Once they come back a 2nd or 3rd time, the vendor realises their initial valuation was wrong and they meet the market. Agents will not waste time with a non realistic vendor when deals are to be had.
Excess stock, prices still trending down and not keeping up with inflation by any measure. Spec crown sweating... dont get made redundant. How long can the banks keep pretending with the speculative.
Mortgagee on TM at 59 today, and Urgent (aka bank pressure) at 415.
Popcorn...or propcorn
The banks will press harder once sales numbers begin to build over summer.... will be at lower prices but the liquidity will give banks there best out, both legally and best deal for vendor.
I still reckon you are nuts to buy an investment property but your own home sure.
Will also become a chance to move homes, upsize downsize different city or school zone, you are trading in same market. I thionk the market may have another 100k to drop AKL averages yet, but houses sell individualy, get that off now and by next year be paying 4.25% mortgage, the RBNZ is clearly ok with the need for this.
Inflation will be horrendous for ages.
The percentage of newbuild listings in chch and orkland in still increasing, was 25 percent in both cities. But also total listings dropped since march/april so could be an actual smaller number for sale
Is that clear?
If you have 8 townhouses to sell you prob only list 2, no point looking obviously desperate. Look at new builds for rent as well for intell . You can often just look and tell no one is actually living in the other 6, visit at night. Ask if they have one to rent.
Yep, smoke and mirrors game is strong with the spec crowd.
Chch: RE 1915 listings, incl 600 newbuild listings is 31.33 percent new-build
What you're saying would probably take new-builds to 70 percent of all homes for sale. I don't think so
As the percentage is rising and the total listings are falling, whats happening is that non new-builds older homes are selling faster
lets split the difference, we can both see older homes are often on bigger plots etc... what will it take to move the shitboxes?
Price fixes everything....
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