The Auckland region favours buyers for the first time since 2011. New listings are up 14.6% across New Zealand and the national average asking price falls by 2.1%, driven by major centres.
Real-time statistics from realestate.co.nz show that our biggest region, Auckland, is looking fresh and healthy for buyers, with a large injection of new listings (up 20.1% on last year).
The total number of homes for sale is up 17.0% to 9,906 when compared to October 2017.
“Given the level of new listings, the total amount of stock for sale and a slowing of sales rates, the Auckland market is favouring buyers to an extent we haven’t seen for nearly nine years.
“It means that buyers have a lot more choice and can take a considered approach to their buying process,” says spokesperson Vanessa Taylor.
Average asking prices in the Auckland region dipped 1.3% compared to September 2018, dropping to $964,936.
This injection of new listings and increase in total stock shows us that if theoretically no new homes were to come onto the market, at the current sale rate, the total pool of houses for sale on the market would sell out in 25 weeks – which is two weeks more than the long-term average of 23 weeks in the Auckland region.
“There’s plenty of homes for buyers to choose from, without having to deal with the frantic market that we’ve seen in past years” says Vanessa.
“It’s not just the Auckland region which is alive and well,” says Vanessa.
Across the country interest is high, with 901,919 unique browsers visiting the realestate.co.nz site during October. Of this, 94,955 were searching in the Auckland region alone.