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.
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19 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!
Another month, another Gecko blockbuster: The Crashening Part 19. Same script, no release date
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.
The DGMs also used to say things like “it’s not that prices are going up, it’s that more higher end houses are selling”. There has to be an element of the reverse happening with listings, in Auckland at least there are a hell of a lot of tiny townhouses listed.
I’d say the market is still flat, but much more downside risk than upside.
Many developers only list a few of there rotting unsold townhouse fleet, its just the tip of the iceburg.
You’ve been saying that for ages. How big is this iceberg?
Ask the titanic... just the tip?
Something about golden visa sales. Non of those happening.... oh wait.
What are you going on about? 2015 prices are way lower than current levels.
Indeed, but who cares about such things as numbers or facts or dollars, hyperbole gets most thumbs up from the uneducated.
In fact average house prices in March 2015 was $483,684 and median prices fluctuated form $405,000 in January 2015 to $455,000 in December 2015. So prices are currently roughly double that,
So ditching the unwanted hot potatoes properties, while the market has some liquidity, in this never-ending slide?
Sounds like it's time for another round of hyper immigration.
Nice bit of hopium smoking there.
NOT happening with Winnies tail, wagging the dog.
Some may wish to bet on Winnies remaining lifespan...
He has cut down on the faggs?? Nothing affects him, healthier than a raging oxen.
Maybe beats the ton?
faggs? was he at the famous Willis drinks?
Mind you those two were much friendlier a year ago.
Nowday's its the Winnie and Willis show..... (with Luxy hiding behind her)
The post 2026 election coalition negotiations are going to be ruthless.
Winnie knows the score and now leaving the once frenemy pack, he has been sharing the political breeze with.......
He is rowing his own Waka now and expect no prisoners in the stormy political and economic tempest to years end.
It all adds up to an even more forked and faulting Housing Ponzi, just as tens of thousands of old timers need to quit the once reliable scam, yet now meet a market of rocketing mortgage rates and buyers retreating week after week.
INTERESTING times!
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