Interest.co.nz's weekly index tracking listings on the two websites gives a reading of 65.897 today, continuing a steady decline since March. Interest.co.nz has been tracking property listings on the two websites since March 24, 2008, when the index started at 100. (See chart below).
The drop in house listings in Auckland comes with Barfoot & Thompson, Auckland's biggest real estate agency, reporting its new listings fell in April, down 17.6% to 1,266 from 1,537 in March. Total listings were 4,621 at the end of April, down from 4,771 at the end of March and down from 5,580 at the end of April a year ago, Barfoot & Thompson said. See our report on Barfoot's figures for April here.
The latest Real Estate Institute of New Zealand (REINZ) monthly figures, also for April, showed Auckland recorded its highest number of sales in an April month since 2007, although the April 2012 total of 2,157 sales was still well below April 2007's 2,843. The median Auckland price fell by NZ$5,200, or 1.1%, from March's record high of NZ$495,200.
And the stratified REINZ Housing Price Index for Auckland, which provides an averaging of sales prices for common groups of houses and was developed in conjunction with the Reserve Bank, was at a record high in April, 2.3% higher than a previous peak in July 2007.
Meanwhile, in April the Productivity Commissioncalled for both the development of greenfields sites and moderate-density brownfields development to lift the number of houses on the market in and around Auckland and to help alleviate housing affordability problems.