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: Monday, October 14th, 11:36AM

News

rss
Latest Headlines

Homeowners are holding back from putting their property on the market

The number of listings last month on the country’s oldest real estate website fell to the lowest for 16 years.

Wednesday, March 1st 2023, 11:03AM

by Sally Lindsay

Realestate.co.nz says the 8,143 new listings last month was the smallest number for a February since data collection began and a 29.5% drop on the number of listings in the same month last year.

Realestate.co.nz spokeswoman Vanessa Williams says is typically a busy time for home sellers, but the challenges many Kiwis faced over the past month would have had an impact.

In Auckland new listings dropped by 36.9% over the year to the end of February, with the city affected by severe floods in late January and then by Cyclone Gabrielle.

In Hawkes Bay and Gisborne, which bore the brunt of the cyclone new listings were down annually by 43.5% and 54.4% respectively.

Northland and Coromandel were also hard hit by the  weather and had falls of 31.9% and 37.6% in new listings.

However, the drop in new listings was a national trend, apart from Nelson & Bays where new listings were up 7%.

At the same time, there were 29,083 homes on the market nationwide last month, an increase of 25% on the same time last year.

Across the country the number of homes for sale was up in nearly all regions, with Coromandel, up 123.9%, and Nelson & Bays, up 99.8%. Stock in most regions was up by more than 20%.

Wellington bucked the trend, with the number of homes on the market down by 9.8% annually. Williams says that suggests stock is starting to move. It is the first time Wellington has had a decline in annual stock since August 2021.

In Auckland, the number of homes on the market in February was up by just 4.1% on last year.

Realestate.co.nz’s data also show the average national asking price was down 0.8% to $880,092, from $889,036 in January. It has dropped 11.1% from $989,511 the same month last year.

Housing supply

Meanwhile the ANZ’s latest Property Focus report says it believes the housing shortage looks gone.

ANZ chief economist Sharon Zollner says while there are a lot of assumptions required to make a housing deficit/surplus calculation, meaning the error band is wide (tens of thousands of houses wide), for what it’s worth, things looked pretty square at the end of last year.

“We estimate a housing deficit of around 75,000 houses emerged between late 2012 and early 2020. Then, with the closed border dampening new demand and the building sector going gangbusters, the deficit that took around 7.5 years to build up looks to have been fully eroded in less than the three years to December 2022.”

She says in other words, it looks like 2023 kicked off without an undersupply of houses – for the first time in about 10 years.

However, this part of the fundamentals story may well be about to change.

Zollner says net migration, if you believe the latest data, is picking up strongly, adding to new demand at a faster pace than supply growth, meaning we could soon be back in housing deficit territory.

Tags: housing market

« Mum and dad investors sellingThe effects of flooding and cyclone on housing »

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 5.94 - - -
AIA - Go Home Loans 8.49 ▼6.19 ▼5.69 ▼5.69
ANZ ▼7.89 6.79 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 6.19 5.69 5.69
ASB Bank ▼7.89 ▼6.19 ▼5.69 ▼5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.94 - - -
BNZ - Rapid Repay ▼7.94 - - -
BNZ - Std ▼7.94 6.45 5.89 5.79
BNZ - TotalMoney ▼7.94 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.99 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼7.65 6.19 5.75 5.69
Co-operative Bank - Standard ▼7.65 6.69 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.60 6.10 -
First Credit Union Standard 8.50 7.20 6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 6.15 5.69 5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.69 6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 6.95 6.29 6.29
SBS Bank Special - 6.35 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 ▼6.79 ▼6.49 ▼6.49
TSB Special 8.39 ▼5.99 ▼5.69 ▼5.69
Unity 8.64 6.29 5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.50 5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.39 6.47 6.10 5.79

Last updated: 14 October 2024 9:03am

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