Buyers are likely to be happy in most main centres as the property market hunkers down for winter, with plenty of homes on the market for them to choose from.
Property website Realestate.co.nz had 24,477 residential properties throughout the country available for sale at the end of May, up very slightly from 24,229 that were for sale at the end of May last year, but up 5% compared to May 2016.
Around the main centres the number of homes available for sale on the website is up compared to May last year in Auckland, Waikato, Bay of Plenty, and Canterbury.
In Auckland and Canterbury the number of of homes available for sale on Realestate.co.nz at the end of May was the highest it has been for the month of May since 2012, making it likely buyers in those regions will be especially spoiled for choice.
In Wellington the market appears flat, with 1052 homes available for sale at the end of May compared to 1069 in May last year, while in Otago the market looks extremely tight, with just 549 homes available for sale at the end of May, compared to 613 in May last year.
That is the lowest number of homes available for sale in Dunedin in the month of May since Realesate.co.nz's records began in 2007.
The tightness of the Otago market is also reflected in the very low number of new listings.
In May, just 262 Otago properties were newly listed with Realestate.co.nz, which was also the lowest for the month of May since the website's records began in 2007.
That suggests buyers in Otago may struggle to find a property that suits their needs and there is likely to be continuing upward pressure on prices in the region.
In the other main centres new listings were mostly steady in May and have been remarkably so for the last 3-4 years.
Overall, the Realestate.co.nz figures suggest it's likely to be a buyer's market in Auckland and Canterbury this winter, things will be steady as she goes in most other main centres but in Otago it will be vendors that are likely to have the whip hand.
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