The New Zealand property market is drying up this summer with a record low number of houses available, according to industry website Realestate.co.nz.
Inventory, or the number of weeks it would take to sell all housing stock on the market, sunk to a seasonally-adjusted 27 weeks in December, compared to a long-term average of 39 weeks.
Sixteen of the 19 regions across the country saw falls in property availability, with Auckland undergoing its biggest drought in the five years since records began.
The country’s largest property market registered a new low of 14 weeks of housing stock, down 11 per cent from the previous month, and 43 per cent on the same time last year.
Record lows were also seen in Otago (20 weeks) and Waikato (32 weeks), despite a surge of new listings towards the tail-end of last year.
Realestate.co.nz marketing manager Paul McKenzie said new listings were usually down in December, but had plummeted 37 per cent from the previous month and 3 per cent on an annual basis.
“For this to happen at a time when demand is so high is significant,” he said.
“Compared to the peak of the market in 2007, new listings are down 26 per cent.”
McKenzie said the tight inventory would continue to tilt the market firmly in favour of sellers.
Read the rest here: