Spring listings deluge

There has been a significant rise in new property listings coming on to the housing market, according to the latest data from Realestate.co.nz.

Monday, October 1st 2018, 6:00AM

by Miriam Bell

The property website’s data shows that nationally, there were 10,372 new property listings in September.

This is an increase of 11.7% on September last year – and, apart from 2015, the highest number the website has seen in a September month since - 2009.

Auckland led the way with 3,896 new property listings in September. This was up by nearly a third (31.9%) as compared to September 2017.

Realestate.co.nz spokesperson Vanessa Taylor says Auckland knocked it out of the ball park with its new listings in September, ending what could be described as a flat market period.

But three other regions were also in double digit new listing growth territory, she says. They were Southland (up 21.2%), Wellington (up 13.5%) and Northland (up 13.7%).

Taylor says Southland needed the boost in new listings, while Northland’s new listings are at a healthy level.

But the increase in new listings is particularly good news for Wellington, she says.

That’s because the region is known as a tightly held market and has historically registered low levels of properties available for sale.

“Listings in the Wellington region are like gold really and it’s great to see this healthy injection on new listings.”

The widespread increase in new listings indicates more confidence in the market, Taylor adds.

“The reality is most Kiwis list their properties because they believe they can sell in the current market.

“There’s always going to be unrealistic sellers and unrealistic buyers but if the house is priced right and you’re prepared to meet the market, then sales happen.”

In line with the national increase in new listings, the total number of properties on the market in September was up by 5.2% to 22,847, as compared to September 2017.

Further, there was a rise in the total number of properties on the market in six regions - including the supply-starved Auckland region where total stock was up by 17.7%.

Meanwhile, the Realestate.co.nz data has the national average asking price up by 4.8% in September to a record high of $690,733, as compared to August.

Average asking prices were up in 11 regions – including Auckland (where the average asking price was up by 2.5% to $977,988).

On top of that, six of those regions hit all-time highs in their average asking prices. They were Central Otago/Lakes, Otago, Wellington, Canterbury and Hawkes Bay.

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