New listings on Realestate.co.nz rose strongly in October but asking prices were up just 1.3% on a year ago

New listings on Realestate.co.nz rose strongly in October but asking prices were up just 1.3% on a year ago

There was a surge in new listings on Realestate.co.nz in October with 13,765 homes listed for sale on the website.

Coming after a slow September, the surge in spring listings has lifted the market closer to its long term listing figures, Realestate.co.nz marketing manager Paul McKenzie said.

Nationally the number of homes newly listed for sale on the website in October was down just 1.5%  compared with October last year.

However in Auckland, the country's largest property market by far, just 4348 homes were listed for sale on the website in October, down 9.1% compared with a year earlier.

They were also down in the Bay of Plenty (-5.1%), Hawkes Bay (-14.1%), Taranaki (-12.7%) Otago (-4.6%) and Southland (-7.4%).

But some areas posted strong gains in listings compared with a year earlier, including Waikato (+12%), Wellington (+21.7%), Canterbury (+14.7%) and Central Otago/Lakes (+36.2%).

The national average asking price had settled back to $488,393, in October, slightly less than the all time high of $490,550 set in June and just 1.3% higher than a year earlier. 

The total inventory of homes available for sale on the website has increased to 39,917 compared to 38,557 in October last year.

There also appears to have been surge in buying interest, with the website recording a 78% increase in daily unique browsers in October compared with October last year.

"Buyer interest is strong," McKenzie said.

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Does this surge in new listing suggest - at least in some areas -  a rush for the exits?

So down 1.5% is a surge these days? Being down this month means we havent at all caught up on the big drop in september, and in fact are continuing to fall behind. If inventories are back to normal without listings catching up, that can only mean things are failing to sell!