PHOTO: A surge in new property listings in June indicates it could now be a buyer’s market. Photo credit: RNZ.
Online property listings surged in June, indicating that in four regions including Auckland, it could finally be a buyer’s market.
New data from property website realestate.co.nz shows that last month, 9033 properties were listed, up 19.7 percent on June 2019.
Auckland had 3559 property listings, up 38.9 percent year-on-year. Southland had the biggest increase in listings, up 59 percent to 213 listings. The West Coast had 45 listings, up 32.4 percent.
Vanessa Taylor, spokesperson for realestate.co.nz, said that in Auckland, Nelson & Bays, Canterbury and Central Otago/Lakes, June “inventory” (a measure which uses historical data to estimate time to sell existing properties listed on the website), was higher than the 13-year average, indicating a “buyer’s market”.
“If no new listings came onto the market in Auckland and all existing stock that was listed on realestate.co.nz was sold, there would be no houses for sale in 37 weeks which overtake[s] the long-term average of 23 weeks, making it a buyer’s market,” Taylor explained.
COVID-19 lockdown restrictions, including no open homes, forced the property market to be put on hold. Moving into alert levels 2 and 1, the surge in new listings shows sellers moved quickly to get properties on the market.
“Overall, what the national increase in new listings tells us is that the market is not slowing down,” Taylor said.
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