Asking prices at record highs in realestate.co.nz listings in October, but new listings drop 11% in seasonally adjusted terms
Asking prices for listings on Realestate.co.nz rose 2% to a record high of around NZ$434,161 in October from September, but new listings fell 11% a seasonally adjusted basis.
Data released in Realestate.co.nz’s NZ Property Report on “unconditional.co.nz” showed asking prices were highest in Auckland at around NZ$568,778.
Realestate.co.nz CEO Alistair Helm said the rise in asking prices reflected a high level of confidence amongst sellers, who had been encouraged by a high demand for property alongside a steep drop in inventory over recent months.
However, a steadying of the number of new property listings becoming available last month indicated that the market was balancing out a little, Helm said.
“Every October, the numbers of new listings tend to surge even higher than September as spring continues to roll on out of the winter doldrums. However, slower than expected September sales this year have precipitated a degree of uncertainty among sellers considering entering the market,” he said.
The number of new listings in October (11,312) was slightly up on September (11,117), but was down 11% on a seasonally adjusted basis.
The combination of these factors raised inventory levels to 38.5 weeks, which was below the long term average.
Helm said the property market still clearly favoured sellers in most regions, particularly Auckland and Canterbury, where inventory has fallen to its lowest level in two years.