We’re “behind the eight ball” in sufficient housing numbers. The total numbers of homes listed slumped to 24,037 in October 2017 compared to 47,958 in October 2007, property company says.
The number of homes for sale across New Zealand has sunk 50% over the past decade, recent figures from realestate.co.nz reveal.
There were 24,307 homes listed last month, according to its latest property report. The figure is a far cry from the 47,958 homes available in October 2007.
Realestate.co.nz spokesperson Vannesa Taylor said property markets historically follows a cyclic trend. The past 10 years have seen a steady increase in asking price, but also a fall in total stock for sale.
“This is inspiring many Kiwis to think outside the square when it comes to letting go of the quarter acre dream, and recreating the notion of what makes a home,” she added.
“In October 2007, we were months away from entering the period of the global financial crisis.
“New Zealand got hit, albeit relatively lightly, but it was a period when lending was tight, house values dropped and new housing construction fell dramatically.
“The GFC hangover meant it took years for the property market to recover. Recently, as more Kiwis started to return to New Zealand permanently, along with the number of migrants from other countries, New Zealand found itself behind the eight ball when it came to sufficient housing numbers,” Taylor said.
In terms of new property listings, last month saw an 8.4% annualised drop, with just 10,778 newly listed homes across the country. The report said a challenging winter and the general elections may have spurred the drop.
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There were 24,307 homes listed last month, according to its latest property report. The figure is a far cry from the 47,958 homes available in October 2007.
Realestate.co.nz spokesperson Vannesa Taylor said property markets historically follows a cyclic trend. The past 10 years have seen a steady increase in asking price, but also a fall in total stock for sale.
“This is inspiring many Kiwis to think outside the square when it comes to letting go of the quarter acre dream, and recreating the notion of what makes a home,” she added.
“In October 2007, we were months away from entering the period of the global financial crisis.
“New Zealand got hit, albeit relatively lightly, but it was a period when lending was tight, house values dropped and new housing construction fell dramatically.
“The GFC hangover meant it took years for the property market to recover. Recently, as more Kiwis started to return to New Zealand permanently, along with the number of migrants from other countries, New Zealand found itself behind the eight ball when it came to sufficient housing numbers,” Taylor said.
In terms of new property listings, last month saw an 8.4% annualised drop, with just 10,778 newly listed homes across the country. The report said a challenging winter and the general elections may have spurred the drop.
Related stories:
Auckland shows more election jitters than non-metro regions
Auckland houses taking longer to sell
