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Vendor confidence high, surge in new listings

Media Release

Sellers demand record high asking prices in October

Vendor confidence high as surge in new listings also lifts inventory levels

AUCKLAND, 2 November, 2012 – Average asking prices for New Zealand homes for sale hit a new record high in October, as a surge of new sellers responded confidently to continued strong buyer demand and ongoing low levels of available property.

The national record high asking price of $445,529 (seasonally adjusted) – revealed today in the NZ Property Report, a monthly report of housing market activity compiled byRealestate.co.nz – was driven up by new record asking prices in Auckland ($611,864) and Canterbury ($414,070).

Paul McKenzie, Marketing Manager for Realestate.co.nz, says that this is the first time that the seasonally adjusted average asking price has topped the $600,000 mark in Auckland, and the $400,000 mark in Canterbury.

“There were only four regions in New Zealand where the average asking price in October was not higher than last month,” says McKenzie.

“However – as the two largest property markets in New Zealand – it is notable to see the price cross this psychological threshold in Auckland and Canterbury, and clearly reflects high levels of seller confidence that exists in these markets.”

McKenzie says that seller confidence was also reflected in the number of new listings coming onto themarket, which were up significantly in October, at 12,688 – a 13.8% rise on the previous month and 12.2% up on the same month last year.

He says the surge of new listings resulted in the first substantial lift in inventory levels for sixmonths; finishing at 33.1 weeks in October, up from 30.5 weeks in September.

“The overall rise in inventory did shift the market towards favouring buyers in some regions – Manawatu / Wanganui, Central North Island and Taranaki for example,” says McKenzie.

“Auckland and Canterbury still remain firmly as sellers’ markets with inventory at 19 weeks and 23 weeks respectively, which is tracking well below their long term averages. It will be interesting to see where inventory tracks over the coming summer months as buyers consider the increased numbers of new listings.”

McKenzie says with debate continuing around the issue of housing affordability, sellers may also begin to shift their expectations of asking prices, if inventory swings further in favour of buyers.

Realestate.co.nz is the country’s most comprehensive property listing website profiling listings of licensed real estate agents with more than 110,000 real estate listings covering residential, commercial, business and farms for sale.

The latest issue of the NZ Property Report, covering October 2012, plus more analysis of the property market can be found on www.unconditional.co.nz, the news and information website for New Zealand real estate.

ENDS

NZ_Property_Report__1st_Nov_2012_Realestate.co.nz.pdf

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