Home buyers will still have plenty to choose from as the housing market heads into the peak selling season, with total stock for sale on property website Realestate.co.nz sitting at a 10-year high for the month of January.
Realestate.co.nz had 33,149 residential properties advertised for sale at the end of January this year, up 2.3% compared to January last year and up 21.6% compared to January 2024.
The website received 9019 new residential listings in January, up 1.3% compared to January last year, however February and March are traditionally the biggest months of the year for new listings, so the really big summer surge is likely just getting started.
The average asking price of the properties available for sale on the website was $869,688, which was down 1.3% compared to January last year.
Overall, these early indications appear to suggest that the market is continuing along at a similar level to last year, with buyers having plenty of choice and prices remaining reasonably flat.
"The market has kicked off at a measured pace, with a slight increase in new listings and a January stock level decade high, but a dip in the average asking price, early signs of momentum that reflect the caution which characterised much of last year," Realestate.co.nz spokesperson Vanessa Williams said.
"We are seeing strong listings and solid sales volumes but buyers are still taking their time," she said.
"There's plenty of stock on the market to choose from which makes the new year a good time to transact," Williams said.
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9 Comments
Simple free market principles: Flood the market and watch the sales prices collapse !
The collapse has already happened. We're now in the consolidation phase.
Depends, could see hikes this year, more pain to come
That's why banks stress-test higher Interest rates. Pain levels will be managed.
Supply and demand. High supply = more choice = lower prices due to options and buyers lowballing offers knowing there are other options if it doesn't get accepted. If 2020-2022 madness taught people something, it is to negotiate and lowball, and not to get ones' heart set on a house given the implications of a larger mortgage should interest rates rise again.
Such phases aren't evident until after the fact.
What are you thinking??
-The next major leg down, is now happening in the REAL market.
Watch out below folks!!!
Inflation not squashed so rates most likely to rise again. Those under pressure already....call the plunge protection team. Preferably before the bank does.
"There's plenty of stock on the market to choose from which makes the new year a good time to transact," Williams said.
It's always a good time to get those hefty commissions.
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