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Stock on market falls further

The amount of stock on the housing market just keeps declining, with new listings continuing to fall in most regions in July.

Wednesday, August 1st 2018, 5:00AM

by The Landlord

Realestate.co.nz’s latest data shows that the total number of properties available for sale nationally was down by 3.8% (21,288) as compared to July 2017.

Nationally, 7,508 new listings came onto the market in July, which indicates a 5.4% year-on-year decline.

Auckland and Wellington both recorded significant falls in new listings (of 7.0% and 16.7% respectively) as compared to July last year.

Further, seven of the 19 regions recorded the lowest number of new listings in any July month since Realestate.co.nz started collecting data over 11 years ago.

Coromandel, Wairarapa, Nelson/Bays, Northland, Central Otago/Lakes, Marlborough and Otago all registered record lows.

Of this group, Coromandel registered the biggest fall in new listings as compared to July 2017, fall. It saw a drop of 24.3% in listings.

The Wairarapa region was close behind, with a 23% fall in new listings (77).

In contrast, five regions recorded an increase in the number of new listings in July compared to July last year.

Taranaki led the way with a 20.2% increase in new listings (196 homes). It was followed by Gisborne, Waikato, West Coast, and Canterbury.

Realestate.co.nz spokesperson Vanessa Taylor says that while there are fewer properties on the market to consider, interest in the market is lively.

“Typically, interest in property peaks in the first quarter of the year and then gently declines as we head into winter, before lifting again as we head back into spring.

“But searches for properties in July on realestate.co.nz returned to 2018 summertime levels… This jump in July is unusual.”

While it’s yet to be seen whether this translates into an increase in sales, it indicates that Kiwis are still engaged in the housing market, she says.

But the decline in listings may well be helping to keep the pressure on average asking prices around the country. They inched up by 0.9% in July, as compared to June.

Taylor says this could be considered a classic supply and demand situation, but here are significant variations across the country.

“So there is no one-size-fits all. For serious buyers, it could be likened to cherry-picking in a very large orchard.”

Auckland’s average asking price was up for the first time in four months. It rose by 3% in July to reach $959,067.

Six regions turned in record average asking prices in July, as compared to June. Northland saw the biggest rise with a 6.3% increase to $623,799.

Manawatu/Wanganui was up 3.3% to $357,206, Waikato rose 2.2% to $575,102, while Wellington, Wairarapa and Nelson & Bays were all up 1.5% (to $628,899, $487,941, $622,994 respectively).

 

« Development fraudsters guiltyStrength in lower-end of market »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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