New residential listings coming onto the market in February dropped slightly compared to a year ago, while average asking prices edged slightly higher for the month, and the the total amount of stock for sale hit a 10-year high.
February is usually one of the busiest months of the year for residential real estate and so it was this year. Property website realestate.co.nz received 11,363 new residential listings during the month, although that was down by 3.6% nationally compared to February last year.
The biggest declines in new listings regionally were in the northern regions of Northland -23.4%, Auckland -9.0% and Bay of Plenty -12.0%.
The biggest increases in new listings were in Gisborne, up a whopping 79.4%, Southland +24.1% and Canterbury +9.9%. See the chart below for the full regional listing figures.
The national average asking price edged up slightly to $884,995 in February, from $881,571 in January (+0.4%), but remained down by -4.6% compared to February last year.
In broad terms, average asking prices are more or less back to where they started the summer season in October last year.
Buyers still had plenty to choose from with the total stock of residential properties for sale on realestate.co.nz remaining at a 10-year high of 35,712, which was up 13.6% compared to February last year.
Around the country, all regions had higher levels of stock than a year ago, with 14 regions recording double digit increases, with the biggest increases occurring in Gisborne +80.2%, Otago +37.0% and Central Otago/Lakes +28.9% - see the second chart below for the full regional figures.
Realestate.co.nz chief executive Sarah Wood said buyers were spoilt for choice.
"Buyers have time to breathe and do their due diligence as stable market conditions continue, while properties are still selling through, which is good news for sellers," she said.
8 Comments
Well this is no surprise, "for sales" signs are everywhere... which matches
total amount of stock for sale hit a 10-year high.
@David - I cannot post on the main daily new today? but can on this one
Edit: Thanks for fixing
Bought at auction last friday, 530k below RV. Ideal, I'll be there for a couple decades.
Awesome, I’d be happy with that!
Whilst I think the RV is an extremely crude and often useless metric (does it know I’ve spent hundreds of thousand$ upgrading my house?), it’s hard to argue with those kinds of numbers.
Even if you have, they don't value it the same. I don't understand why there are so many different types of valuation - I've done it all over the past few years. Owned long term, subdivide, manage them as rentals.
It was given a new RV on completion and it was about 100k off from a new build 2 houses over despite it being a significantly better house and section. Had the RV reviewed prior to listing and they raised it about 80k, the internal garage we added cost that.
Doesn't seem grounded in reality, I will find out how much it's really worth when it sells. I'm anticipating it selling for over RV but of course I'll say that right.
Well done GP. I hope you will be happy in your new abode.
So much stock for sale, sales are still thin on the ground, we will shortly go into the winter months with a lot of disappointed vendors. Sales volumes normally fall in winter, I suspect many listing to "wait" until 25/26 summer.
By which time there will be even more choice for buyers.
Checking commenting actually works. Check check 1, 2. ✅
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