Report reveals more properties coming to the market

by Roxanne Libatique05 Feb 2020

More properties are coming to the housing market, according to the latest data from RealEstate.co.nz.

The property website revealed that the total homes available for sale nationwide increased by 6.9% from December 2019 to January 2020, following a record national low in December.

Vanessa Taylor, spokesperson for RealEstate.co.nz, said increased activity in the middle of North Island could be signalling a market shift – as seen in the increase in the number of new listings in Central North Island, Hawke’s Bay, Manawatu/Whanganui, and Waikato last month.

“When we see new listings increase, it tells us that there is more activity in those areas than there was a year ago – this could be a clue that the tides might turn on the current seller’s market,” Taylor said, as reported by Landlords.co.nz. “Although it is too early to say whether this is a trend, we haven’t seen a lift in these regions for quite some time, so this is definitely something to watch over the next few months.”

Read more: Auckland's December house sales reach sky high

Taylor said it would be interesting to see what happens to the national average asking price this year. Otago, Southland, Marlborough, and Central North Island hit all-time asking prices in January 2020 while Auckland’s asking price increased by 1.3% in December 2019.

“We often see the national average fluctuating quite a bit in response to what is happening around the country, so we will be waiting to see if the price holds above $700,000 or drops back down to the mid to high $600,000s that we saw throughout 2019,” she said.

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