The average asking price of residential properties advertised for sale on Realestate.co.nz tumbled in April, while the number of properties for sale hit a 12-year high.
The average asking price of all of the properties advertised for sale on the website was $869,763 in April, down $17,399 compared to March.
The biggest declines in asking prices compared to March were the three holiday hot spots of Central Otago/Lakes (which includes Queenstown), which dropped $196,246, Coromandel down $184,771 and Marlborough down $50,483.
The three main urban regions Auckland, Wellington and Canterbury plus Otago, all posted more modest price declines, as shown in the asking price table below.
However, while asking prices were softer in April, the amount of stock on the market remained high.
Realestate.co.nz had 37,334 residential properties available for sale at the end of April. That was down just 0.8% compared to March, but up 3.9% compared to April last year and up 10.4% compared to April 2024.
That means the number of properties being advertised for sale is at a 12-year high for the time of year.
The high levels of stock on the market occurred even though the number of new listings received declined significantly, to 9139 in April from 12,055 in March.
That suggests there has been a build up of older stock sitting unsold as we head into the quieter winter months, which will likely turn market conditions even further in buyers' favour.
3 Comments
New listings up 23% in Auckalnd, oof. Lots of new builds or lots of people leaving (or a combination of both)?
Getting there.......
The future drop of another 350k off - and job done.
The required and comming tax changes/CGTs, should help nicely.
Speculation to get the Wilkenson sword!
Capitulation starts. Those that called 2015 prices or less would make a comeback were belittled and mocked by the property ponzi bulls on here. Well team ponzi...read it and weep.
On the positive side, perhaps some of the kiwis caught in a larger ponzi trap in Staya will be able to return and actually have hope of owning a house.
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