The housing market could be heading for a soggy start to spring, with stock levels high, new listings low and asking prices in decline.
Property website Realestate.co.nz ended August with 32,908 residential properties available for sale, 9.7% higher than at the end of August last year. That means stock available for sale on the website is at a 12-year high for the time of year, and has more than doubled since the boom year of 2021.
The high stock levels are particularly significant because just 8326 new listings were received in August, down 5.1% compared to August last year. That suggests many of the properties currently on the market are older stock which is proving difficult to sell.
The build up in stock has occurred in spite of declining asking prices. Realestate.co.nz's national average asking price was $824,144 in August (non-seasonally adjusted), down 2.0% compared to August last year.
The average asking price on the website has now declined for six consecutive months and is down $74,533 (-8.3%) since February.
In Auckland, the country's largest property market, the average asking price was $986,827 in August, down $110,921 (-10.1%) since February.
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