Healthy level of new listings kickstarts Spring

Media Release

Healthy level of new listings kickstarts Spring as property market continues to steady

Seller confidence remains strong as Auckland registers new high for average asking price and low for inventory

AUCKLAND, 6 September, 2012 – A lift in new listings of property for sale in August has given the New Zealand property market a healthy kick start for spring, but the market remains firmly in favour of sellers as Auckland registers another record high for asking prices, says Realestate.co.nz.

Data released today in the NZ Property Report – a monthly report of housing market activity compiled by Realestate.co.nz – showed 10,365 new listings arrived on the national market in August, a 10% jump from the previous month and a 2.4% rise on the same month last year.

While the report showed national asking prices remaining steady at $430,443, the Auckland region registered a record average asking price of $585,482, the highest level recorded in five years, and a rise on the previous high registered in May this year.

Paul McKenzie, Marketing Manager of Realestate.co.nz, says that in addition to the high asking price, Auckland also registered a record low for inventory, at just 18 weeks.

“The sellers’ market that has persisted for much of this year has not abated, but buyer interest remains high, so the strong level of new listings should provide some healthy selection for spring, ” says McKenzie.

McKenzie says national inventory was also stable at 30.9 weeks, barely shifting from the previous month, but still fell well below the long term average of 40 weeks.

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 August 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.

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