Asking prices for properties hit a new record high last month as the stock of unsold homes on the market hit a five-year low, according to industry website
The average asking price last month rose to $446,277 – breaking October’s record high of $445,529 and up six per cent on November last year.
Inventory – the number of weeks it would take to sell all unsold housing stock on the market – sunk to a seasonally adjusted 28.7 weeks. That was a five-year low, a 29 per cent fall on November last year and far below the long term average of 39 weeks.
Inventory in Auckland plunged to 15.5 weeks – the lowest level since the site began collecting data in 2007.
Marketing manager Paul McKenzie said new listings were not keeping pace with demand.
There were 6640 residential properties sold in October, up 33 per cent on a year ago, but listings in November – which totalled 13,571 – were only up 1.5 per cent year on year.
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