Press Release – Realestate.co.nz
The latest data from realestate.co.nz signals that green shoots are beginning to appear in the market, with the national average asking price trending up and new listings flat after 10 months of double-digit year-on-year reductions.
Vanessa Williams, spokesperson for realestate.co.nz, says demand is up, and confidence appears to be returning to the market:
“Kiwis are continuing to slip off their shoes and into open homes. We’re seeing more people searching for property on realestate.co.nz, and the number of homes for sale by auction is on the rise.”
“Spring is typically a time for new growth and beginnings – it looks like it’s come early to the property market this year. Although with the election right around the corner, the growth might be gradual as Kiwis wait to see what happens with the government.”
New listings seeing some positive growth
After 10 months of double-digit year-on-year drops, new listings nationally remained flat during August (down just 0.6%). Eight of 19 regions saw the number of new listings coming onto the market increase year-on-year during August. Comparatively, just one region saw growth during July.
The regions where new listings increased compared to August 2022 were Auckland (5.5%), Southland (6.6%), West Coast (7.1%), Northland (9.6%), Canterbury (14.4%), Nelson & Bays (18.8%), Central North Island (24.7%), and Marlborough (29.1%).
Vanessa says this is a positive direction for the market:
“It’s a bit early to say whether the tide is turning, but we have some ‘green shoots’ coming into spring. Vendors are perhaps ready to step out of winter hibernation.”
Compared to July 2023, new listings were up 20.9% nationally and in all except two regions.
“Vendors appeared to have been busy listing their properties during August,” says Vanessa.
Stock decline reflecting lack of new listings in 2023