Property website Realestate.co.nz's latest figures suggest the housing market may be headed for a relatively quiet summer.
New listings on the website climbed for the fourth month in a row to 10,712 in November, up 1183 (12.4%) compared to October, and up 5.2% on November last year.
But the total stock available for sale on the website increased by twice as much as new listings, rising from 25,602 properties in October to 28,014 in November. That's an extra 2412 properties for the month (+9.4%).
That means the total number of residential properties for sale on Realestate.co.nz at the end of November was up 45% compared to November last year.
But asking prices have gone in the opposite direction and headed down for the month.
The average asking price dropped by almost $31,000, from $920,678 in October to $889,879 in November, a decline of 3.3%.
That combination of rising listings, with an even bigger rise in total stock levels and falling asking prices, would suggest a fairly soft market.
However we will have to wait for the Real Estate Institute of New Zealand sales figures for November to come out in a couple of weeks to know if that is the case.
After all, listing properties for sale is one thing, but selling them is what actually counts.
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57 Comments
"New listings up, total stock up more and asking prices down on Realestate.co.nz"
Sp - - - - - rs Bible - "this must mean the average price, HPI and median are all still heading straight up, time to buy was yesterday and all the rodent DGM's on here are going to lose their sh-t over the coming months" 😂
Key takeaway - so the spruikers fully understand:
the total number of residential properties for sale on Realestate.co.nz at the end of November was up 45% compared to November last year.
The average asking price dropped by almost $31,000, from $920,678 in October to $889,879 in November, a decline of 3.3%.
Wellington stock falling while prices tumble to a flatline is an interesting combo.
meaning the froth has gone. Wellington has come back to normal.
Public sector cuts making people nervous. House price to income ratio's in Wellington do make it a good value proposition against Auckland.
Have noticed seriously wonky price updates on homes. co.nz in Auckland. All properties I am following have shot up by about 10% in the last 2 weeks - some hitting 3 year highs... TradeMe trying to stoke some Summer FOMO perhaps?
noticed the same thing ... one i was following sold for 945k after being on the market for .. about 6 months ... valued 6 weeks later in homes.co.nz at 1.3 mill .. lol .. absolute madness what they are able to do and get away with
Ours is up $75K, it's complete BS. If it showed a small reduction it would be more credible.
HPI has been on the up RP for quite a few months now, congrats on your paper gains...
I've begun searching for an honest Agent to upload the correct value. As most here will attest, this endeavor might take a while.
Legend has it the majority of the species of the honest agent either morphed into a different species in 2020 and the rest were hunted to extinction.
Hahaha, paper gains? Really? homes.co.nz is simply an algorithm's projection from past data. It has swung hundreds of thousands over the last few years on properties I monitor.
It isn't anywhere near being a registered valuer and its values can be manipulated by RE agents at a whim and a buck.
It shouldn't be used as a buying guide. At best it's a device that manufactures FOMO and a false sense of wealth
Nifty1 was just trolling. He was laughing his head off when he posted it.
Case in point, 19a Raxworthy St, Ilam, Christchurch, was updated via agent appraisal to 745k on 8 November 2023, after it sold and settled on the 6th November for 715k. One can only speculate on why...
I have noticed similar. I am increasingly mistrustful of homes.co.nz
Why on earth would you ever have trusted Homes.co.nz? Wild guesses only
I notice that Homes, only gives historic values up to max 3years, trying to hide the massive ramp up of prices in the last 5-10 years.
Criminal, misleading, deceitful, sneaky, dishonest...hey it's the RE industry...no surprises there.
"Criminal, misleading, deceitful, sneaky, dishonest...hey it's the RE industry...no surprises there"
Anybody heard what TTP's latest take is on the increase in listing and lower asking prices?
"Criminal, misleading, deceitful, sneaky, dishonest."
The above reminds us of you, Retired-Poppy....... you're so crooked and twisted that if you swallowed a nail, you'd shit a corkscrew.
TTP
😂 you're a broken record mate!
by tothepoint | 7th Oct 22, 5:22pm
Crash Crusader (aka Retired-Poppy) is so crooked and twisted that if he swallowed a nail he’d shit a corkscrew.
TTP
by tothepoint | 12th Oct 22, 10:27am
Hi Crash Crusader (aka Retired-Poppy),
Being so twisted/crooked, I assume you'll celebrate in your usual manner - swallow a nail and sh*t a corkscrew.
TTP
There are a couple more too!
Hi Retired-Poppy,
Your bad habit is back - yet again.......
You've changed your above post at least twice, since the original version appeared.
Once you've written something, kindly leave it alone!
It's futile trying to keep up with all your changes.
TTP
Is that all you've got left to do, constantly refreshing your screen? Yes' of course I edited my comment. I'm allowed to. It's hardly a criminal offence.
One can't help but notice your changes, Retired-Poppy.......
When I post a response to you, my monitor automatically refreshes and your (latest!) changes are immediately obvious. That's partly because your posts invariably become longer, more unwieldy and more unpleasant with every "revision" you make.
Frankly, it's inconsiderate to other contributors here. It becomes tiresome. 🤨
TTP
?
Furthermore, Retired-Poppy, in your above post you blatantly misquote me.
That's another bad habit that you display here frequently - and it's equally as tiresome as your obsessive re-writing of posts.
TTP
??
How about you guys just block each other and be done with it? https://chromewebstore.google.com/detail/interestconz-commenter-bl/kbfa…
Too sensible for some 😊
If you edit something. State so when you update. Its only fair
Is that how you open your congratulatory bottles of wine for your duped clients TTP? I'm sure by then that the receivers realised the taste, much like the morals of the giver, was well and truly off.
Let’s not throw stones in glass houses Tim The Price Fixer.
https://comcom.govt.nz/news-and-media/media-releases/2017/property-brok…
the homes.co.nz data is 2-3 month behind market, what you see happened months ago.
Yeah.. but it didn't though. I've followed my suburbs sales very closely all year. And the prices for the suburb as a whole show no increase. Yet individual house have shot up around 100k and are valued above there RVs. This is despite pretty much all sales being well below RVs. Can't really see how they have come to these pricing conclusions.
Real estate agents can add any price they want for houses in there, it's a meaningless site. I followed it for a while, every sale would be 100s of thousands under the estimate based on suburb but the suburb as a whole never fell. It's an algorithm based on agents inputs not actual data.
Ours seems to have jumped up too. Although according to homes.co.nz our suburb average hasn't. But then having a click around most homes in the suburb seem to have gone up. God knows.
I haven't seen that, mine is still dropping. Although the properties on either side have increased. The only difference is mine is a new build and smaller land, which does to show why investors and landlords like to buy older existing homes which usually have more land, and also benefit from tax rebates.
I don't think the algos handle new builds very well, or in fact any property where the capital value is higher than the land value.
Iceman hope you are not freezing away after reading this article
Let me know if you need interpretation of this "That combination of rising listings, with an even bigger rise in total stock levels and falling asking prices, would suggest a fairly soft market"
He'll be suffering a complete meltdown.
Who is in control of manipulating the data on homes.co.nz? The depths of the spruik controllers astound me
I think the agents can put a TBC on a sale, and leave it on the homes.co.nz record indefinitely, so the sale is not visible, and not used in the algortithm, same with Corelogic Propertyguru, only the best and highest sales to rateable value are reported.
the banksters !!
Largest gang in NZ
Please can commenters stop with the incessant baiting? I'm always happy to read comments that add colour and texture to the article, but the constant "I know you are but what am I?" carry-on is bringing down the tone of the site.
I agree with this, and have noticed it get particularly bad over the past month.
Is there a version for Firefox?
i’ve been following the Auction data posted on this site. I know it’s not all auctions and many homes are sold by other methods, but well more than half are being passed in and a few are selling for around 30% less than 2021 CV. really looks like prices have to move a chunk further down in order to find willing buyers and start eating into the inventory overhang. and that’s assuming no panic selling or further rate rises…
Looks like the varnish is starting to peel at a certain property site if some of the posts here are much to go by ....lol
Looks like next phase of housing crash has begun, no foreign buyers to save the day hardly any of the population can buy average house in Auckland from scratch and investors have gone as it would be crazy to pay 1.2 million for a rental when you can make 72k on fixed bank deposit versus 50k renting out less expenses.
I wouldn't have minded foreign buyers, except the price had to be indexed with inflation, and it probably needed to be 2.5 million + and maybe higher in certain areas such as Queenstown and Auckland.
Why would you let foreigners buy existing housing stock when there is a housing crisis based on property being too expensive?
Exactly.
For the betterment of NZ society as a whole, reduce the buying competition in the existing house market for residents of NZ.
To build more residential dwellings to address the underlying housing shortage for NZ residents, the solution is to incentivise the construction of new builds.
A) For non resident buyers:
1) Allow non resident buyers to only buy new builds.
B) For resident buyers:
1) give tax incentives for non owner occupiers who are NZ residents, to build new housing
2) remove the tax incentives for non owner occupiers to buy any existing residential dwellings - this makes buying new builds more attractive than buying existing residential dwellings, otherwise non owner occupiers will continue to buy existing residential dwellings. Non owner occupier buyers were moving to take advantage of tax incentives offered under the previous government.
Obviously this impacts those with their individual personal financial interests vs the greater good of the nations citizens. Those adversely impacted will obviously oppose this change and the lobbyists were letting their local politicians know.
Increasing the number of houses affordable for households increases home ownership has positive social consequences - fewer households requiring social housing, fewer households requiring accommodation supplement and resulting reduction in government spending in this area.
Agreed. Only benefits the speculators and banker bonuses. Everyone had a chance to vote for the land tax but didn't.
So be it.
There's enough wretched taxes in this country without a land tax. Reminds me of Muldoon and Bill Rowling, always wanting to tax someone. Bill Rowling's property speculation tax...what a joke.
We're encouraged to lead useful, crime-free lives, make a success of ourselves, but if you dare, you're threatened with more taxes by socialists.
And what have the last bunch of losers done with your hard-earned tax dollars?......the abandoned Income Insurance Scheme, the moronic $250m gun buyback, $50m on Pike River, the no-go TVNZ/RNZ merger, the failed Harbour Bridge cycleway, billions on maoris, 3 Waters ($50m...OMG!!!), the light rail fail, bike lanes no one uses, and 14,000 extra bureaucrats milking the long-suffering taxpayer.
Not where I'm about to build on the outskirts of Auck. 2 recent subdivisions have sold out and another one's planned nearby. No housing crash around here.
Think you'll see the property industry recover quite quickly - NZ's under new management.
That's good news. The last thing we want is housing to shoot off again just as the new government is trying to quietly deflate public sector overspending.
Hopefully I can pick up an interesting project over the next year while the world is ending.
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