The housing market appears to be at risk of remaining a buyer's market over summer, with new listings and stock levels rising strongly while asking prices declined overall in November.
Property website Realestate.co.nz received 12,339 new residential listings in November, which was up 10.9% compared to November last year and was also the highest number received in the month of November since the peak of the last boom in November 2021.
That helped push the total stock of residential properties listed for sale on the website to 35,345 at the end of November, up 4.0% compared to a year earlier.
That means the number of residential properties available for sale on Realestate.co.nz is at its highest levels for the time of year since 2014.
However, asking prices headed in the opposite direction last month, with the average asking price on the website declining from $904,212 in October to $881,105 in November, a decline of $23,107 (-2.6%) for the month - (note: these figures are not seasonally adjusted).
There were particularly large declines in average asking prices for the month in the upper North Island districts of Northland -$27,789, Coromandel -$144,286, Waikato -$27,745, Bay of Plenty -$52,947, Central North Island (mainly Taupo) -$45,913, Hawke's Bay -$72,866 and also in the Central Otago/Lakes District -$238,239.
Realestate.co.nz's latest report described the market as "wide open for buyers."
"Buyers appear to be holding back, waiting to see what happens next," it said.
"We know New Zealanders struggle with uncertainty and, after what has been a tough couple of years for many, buyers seem to be waiting for a perfect moment [to buy], that frankly, may never arrive," Realestate.co.nz spokesperson Vanessa Williams said.
6 Comments
Clearance is delayed until 2026/27 summer, you could die waiting for the green shoots.
Once March comes people will be scared of election result, this market is going nowhere fast.
Once March comes people will be scared of election result, this market is going nowhere fast
If the Ponzi were tanking, the snowflakes would fold quickly on their CGT threats. Even Jacinda turned face as soon as she got in to power.
Good point. Elections with the polling close this far out always causes people to sit on their hands. CGT to the left, and ongoing Austerity and renters departing to the right. That said jumping in now with plus or minus 5% for a five year rate is still pretty good. Saving below 5% are pretty nominal anyway.
What does that mean? Buying property is very much a financial decision where the downside has been amplified. Not in percentage terms, but in monetary terms. People need to study loss aversion. And that's one of the pitfalls of the Ponzi - loss aversion has greater impact than ever before.
Agreed, people used to pay up for their own home and leverage big as it was a surefire cannot lose investment, not so much now, that extra $500k costs 25K in interest each year and chews through almost 40k of pre tax income.
Who cared as your home went up by more than your salary EVERY YEAR
The Ponzi is wanting to understand how houses are really valued now and from what i can see, its still, in most cases, too high for new ma and pa yield based investors in our bigger cities.
Sure there will be a few gullible bag holders, but most of the smart investors i know are more interested in subdividing the stock they have as an exit strategy vs buying more stock, most have been in the game a long time.
At least two years ago, a resident champ of analogies and contrarionism once posted "FHB's have a Death Star Trench opportunity to conquer the housing market"
If this isn't true denial of this being a true buyers market then I don't know what is. Nothing has changed.
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