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Inventory Increase as National Asking Price Falls

MEDIA RELEASE

Inventory Increase as National Asking Price Falls

AUCKLAND, 2 May 2014 – According to the latest NZ Property Report, compiled by Realestate.co.nz, national residential property asking prices eased, while inventory levels continued to recover.

Realestate.co.nz data showed that the national asking price came in at $477,460, down 1.4 per cent from last month but up by 7 per cent compared with the same time last year.

The Auckland region bucked the national trend by posting a new record asking price of $685,426.

Inventory levels continued to rise, a three per cent lift was recorded from last month to sit at 29 weeks of equivalent sales.

Nationally, inventory is sitting 12 per cent above the 12-month moving average, however this remains below the long-term average of 37 weeks.

Realestate.co.nz Marketing Manager, Paul McKenzie says that an increase in inventory indicates a re-balancing between a buyers and sellers market is starting to occur in some regions.

“Twelve of the 19 regions saw an inventory increase from last month and trend-wise, we’d expect this recovery to continue into May,” McKenzie says.

Year on year, national property listing numbers were up by 2 per cent to sit a total of 10,245. Overall, ten regions saw an increase in listings, with Hawke’s Bay recording the most significant lift, rising by ten per cent, while nine regions saw a fall.

- ENDS –

NZ_Property_Report__2_May_2014_Realestate.co.nz.pdf

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