The March 2012 New Zealand Property Report published by Realestate.co.nz and provides the latest insight into the state of the New Zealand property market as measured by the supply side of the property market.
Excerpt from the latest report: “The property market across the country in aggregate has become more active in the past 9 months, in January alone sales were up 25% on a year ago and the final 3 months of 2011 saw sales up 22%. With this increasing demand the market as reflected from the supply side has been slow to respond, that is until February when listings were seen to come onto the market in a strong surge.
In absolute terms the level of new listings at 13,459 is up 18% on February last year and 14% up on a seasonally adjusted basis from January. This new rush of listings comes with a higher price expectation of sellers, eager to capitalize on what they see as a strong property market, the test will come as to whether these price expectations result in higher selling prices or if the level of buyer demand is prepared to meet these expectations. As has been noted before, this pressure in the market caused by a shortage of listing is very focused in the main cities with provincial regions still not witnessing anything like the level of buyer demand or activity as witnessed in the cities.”