Evidence is mounting that 2025 is shaping up as the mother of all buyer's markets for the housing market.
There was a flood of properties on to the market in January, with new residential listings on property website Realestate.co.nz hitting a 10-year high for the month,and the total residential stock available for sale on the website at a nine year high.
Realestate.co.nz received 8904 new listings from across the country in January, up 21% compared to January last year, and the highest number of new listings received in the month of January since 2015.
That pushed the total amount residential stock available for sale on the website to 32,412 at the end of January, up 19% compared to January last year.
That is the most homes for sale on the website at the end of January since 2015.
With so much to choose from, it's likely buyers will continue to have the whip hand in negotiations with vendors, who will have little choice but to meet the market if they are wanting achieve a sale.
Prospective buyers will be particularly spoiled for choice in the critical Auckland market, with stock for sale in the region hitting a 13-year high at the end of January, when 11,465 properties were available for sale, up 19% on the same time last year.
Other regions where stock levels were particularly high compared to a year earlier were; Gisborne +46%, Wellington Region +37%, Marlborough +41%, West Coast +35%, Canterbury +27%, Otago +40% and Central Otago-Lakes +32%.
The only regions were the total stock for sale at the end of January was less than 10% higher than the same time last year were Northland +3% and Waikato +8%.
Realestate.co.nz said the average asking price of properties for sale on the website continued to hold steady in January.
"The national average asking price has hovered between $840,000 and $890,000 for two years, offering the stability buyers crave and the predictability sellers need," Realestate.co.nz said in its January report.
"The start of 2025 saw this trend continue, with January's national average asking price at $868,969, down a modest 1.3% year-on-year," the report said.
"Lots of choice, combined with relative price stability, offers certainty for both buyers and sellers, and as interest rates decline, the market may become more appealing for those in the sidelines," Realestate.co.nz Chief Executive Sarah Wood said.
"When things will change is anyone's guess, and right now we still have high stock levels to cycle through, so it is unlikely we will see a frantic rebound," she said.
8 Comments
Omen for a boost in market activity?
No this isn’t a sign of a market boost - it’s a slowdown, plain and simple.
- Too many homes, not enough buyers – Listings are piling up, and sales are taking longer.
- Buyers have the upper hand – More choice means they can negotiate harder and take their time.
- Prices under pressure – Sellers will need to lower expectations or risk sitting on unsold homes.
Unless demand picks up or interest rates drop significantly the market is heading for a cool-down not a surge.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.