The latest New Zealand Property Report is published by Realestate.co.nz provides insight into the state of the New Zealand property market as measured by the supply side of the property market.
Excerpt—“The winter months have not reduced demand for homes in New Zealand, and because of this seller confidence has pushed up the (seasonally adjusted) truncated mean asking price to a new high of $465,191. The rise in asking price was noticeable across more than half of New Zealand, with 13 regions reporting a rise in asking price.
Record high asking prices were also seen in Auckland, Canterbury, and West Coast regions; The new high of $639,685 in Auckland represents a 1.3% increase on its previous high, also in May. While in Canterbury and West Coast’s new highs were set at $422,043 and $318,816 respectively.
Across the country the level of inventory of property on the market eased in July to 26.7 weeks, but remains low when measured against the historical average. The next 3 months heading out of winter and into spring will see a seasonal lift in activity of both listings and sales. The key issue will be to what extent the rise in new listings can ease the pressure that the major centres are seeing.”
