Listings lag buyer demand: Realestate.co.nz
Listings are still not keeping up with demand in most regions of New Zealand, according to Realestate.co.nz’s report for February.
Monday, March 4th 2013, 1:46PM
by The Landlord
There were 13,145 new listings on the site in the month, down 2% on last year.
Only eight of the 19 regions surveyed showed any increase in the number of available listings on a year-on-year basis.
Of the 11 regions reporting year-on-year falls, Gisborne reported the biggest fall. Listings there dropped by 24% compared to February 2012.
Supply and demand are most out of kilter in the biggest centres. Listings in Auckland were down 4.2% year on year in February, while sales in January rose 26.7% on last year.
And vendors who are putting their properties on the market want more for them.
Mean asking prices reached $43,743 nationwide, and two regions recorded new record highs. Wellington’s mean asking price rose to $453,220 and Central Otago’s to $642,251.
The inventory as measured in terms of equivalent weeks of sales fell in February to a new record low of 26.2 weeks, well below the long-term average of 39 weeks.
In total 13 regions reported asking price increases, with seven reporting rises of more than 5%.
The most significant rises were seen in Central Otago, Taranaki, and Coromandel.
Of the six regions that reported a drop in asking price, there was just one that reported a fall of more than 5% - Otago fell by 7.2% to $278,240.
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