tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 19th, 6:25PM

News

rss
Latest Headlines

Record housing stock lows round NZ

The amount of available housing stock for sale nationwide plummeted to record lows in August – and that’s helping keep prices bubbling up.

Tuesday, September 1st 2020, 5:30AM

by Miriam Bell

Realestate.co.nz's Vanessa Taylor

Realestate.co.nz’s latest data is out and it shows that nine of the 19 regions hit 13-year record total stock lows in August.

Nationally, the total number of homes available for sale was down by 13.2% on August 2019 to just 17,974 listings. That was also a drop of 7.6% compared to the previous month.

In Auckland and Wellington - both regions which have long struggled with housing shortages - housing stock was down by 7.0% and by 18.0% respectively.

While Taranaki saw the biggest year-on-year decrease (of 48%) in stock, Marlborough (36.3%), Wairarapa (down 32.3%) and Northland (down 30.3%) all saw big declines.

The only regions to see increases in housing stock for sale were Hawke’s Bay (up 3.1%), Southland (up 3.2%) and Central Otago/Lakes (up 18.0%).

Yet, following last month’s trend, new property listings were up around the country when compared to the same time last year.

Nationally, new listings coming onto the market in August were up 16.0% on the same time last year – a trend which was reflected in all but four regions last month.

But with buyer demand continuing to run high (up 21.0% on August last year), those new listings aren’t making much difference to the stock shortage.

Realestate.co.nz spokesperson Vanessa Taylor says the national housing shortage is not getting better and with all-time stock lows in nearly half of the regions, buyers had less choice than ever last month.

The country’s fast-growing population coupled with an increase in New Zealanders returning home because of Covid-19 is likely increasing demand for property, she says.

“With many Kiwis unable or reluctant to relocate overseas right now, this too is likely putting a strain on the market.”

The lack of supply is helping to drive house prices up, with the average national asking price up by 9.1% on July and by 21.7% year-on-year to $824,702 in August.

Further, Northland, Bay of Plenty, Taranaki, and Central North Island all turned in the highest prices since records began in 2007.

Of the country’s two biggest centres, Wellington saw its average asking price rise by 4.0% to $764,482 and while Auckland’s average price was down, it was by just 0.8%, to $982,155.

Taylor says there is no shortage of buyers in New Zealand right now and, alongside that, there are several factors driving the increase in asking prices.

“I suspect that low-interest rates and the removal of LVR restrictions earlier this year are enabling more people to enter the property market.

“As we have seen in the cramped rental market, everyone needs somewhere to live. Given our country’s long-term housing shortage, I expect demand will remain high with both owner-occupiers and investors looking to achieve their property goals.”

Tags: Auckland average price Covid-19 demand house prices housing market housing shortage investment listings market outlook new listings price growth property investment real estate Realestate.co.nz supply

« Consents no longer needed for low-risk workHigh consent issuance not expected to continue »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

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 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
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 7.15 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

Last updated: 14 March 2024 9:32am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com