Number of new home listings strong in March

by NZ Adviser03 Apr 2017
The number of new residential listings for March has topped those of February for the second time in ten years, realestate.co.nz figures show.

Real time statistics reveal that this result was led by the main regions of Auckland, Waikato, Wellington and Canterbury where new listings were up by double digit growth compared to the same time the previous year. 

The Wairarapa also saw growth in new property listings reach double digits. 

“March this year paints quite an interesting picture,” says realestate.co.nz spokesperson Vanessa Taylor. 

“It could well be that after the volatile nature of 2016, potential sellers have taken on board that the market has been relatively flat in the past few months. 

“If they’ve been talking about making a move on the property ladder, whether up, down, or even out of the region, they may have more confidence that their next purchase will be in the context of a more stable price environment,” she said. 

Auckland had the highest increase in new listings over March, with a 20.5% increase in new listings compared to March 2016.  

There were 4,700 new residential property listings to view in March in Auckland, while the city’s asking prices in remained static, with an average asking price of $952,542 for the month. 

“In 2016 Aucklanders saw residential properties achieving prices beyond expectations, with fierce competition fuelled by tight stock and increased buyer interest,” said Taylor. 

“It was a pretty challenging environment for some, because if you sold a property, it was difficult to predict how long it would take you to find your new home and how much it would cost you.” 

In the Waikato region, new property listings were also up in March compared to the previous month (11.7%) but the total number of listings on the market were slightly down on the same time last year (-1.2%), indicating a high turnover of properties. 

In contrast to Auckland, average asking prices in the Waikato rose 4.7% from February and hit another record high of $540,356.
 
“The Waikato region has been in the spotlight over the past two years, as Aucklanders looked to migrate southwards, fleeing inflated prices and the difficulty of entering the market,” said Taylor.
 

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