The number of homes available for sale continues to increase in Auckland while there is a shortage of listings in many other parts of the country, according to the latest figures from property website realestate.co.nz.
At the end of April a total of 8927 Auckland homes were listed as available for sale on the website, up 49.5% compared to a year earlier and the highest number of Auckland homes available for sale on the website in the month of April for the last five years.
The rising number of homes for sale in Auckland comes as the REINZ data shows sales declining in the region on an annual basis, although the sales figures for April are not available yet.
Realesate.co.nz spokesperson Vanessa Taylor said the jump in stock available for sale in Auckland was good news for buyers.
Auckland appears to be in a wait and see mode right now," she said.
"A cooling in demand and an increase in the number of properties sitting on the market indicates that potential buyers are taking their time and exploring all of their options," she said.
That's the reverse of the situation in many other parts of the country, with the stock available for sale on the website down more than 25% compared to a year ago in 12 regions, and total listings at an all time low in Hawke's Bay, Gisborne, Manawatu/Whanganui, Northland and Taranaki.
In main centres aide from Auckland the total number of homes available for sale appears comparatively stable, with 1197 Wellington compared to 1157 in April last year, and 3716 available for sale in Canterbury in April compared to 3598 in April 2016.
In most regions the difference in asking prices of properties newly advertised on the website in April was negligible compared to March, while demand for properties had declined 13.8% over the last three months, with demand in Auckland down 31.1% (see chart below).
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