NZ Property Report - April 2021 | realestate.co.nz - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

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Lockdown anniversary: The property market a year on

12-month data shows rising asking prices; not enough houses to meet demand

Latest figures from realestate.co.nz illustrate how New Zealand’s property market has fared since our first Covid-19 lockdown just over a year ago – and it’s clear our Kiwi love affair with property is still going strong.

“Looking back over the last year we can see prices steadily increasing each month, to the point where the national average asking price is now more than $830,000,” says Vanessa Taylor, spokesperson for realestate.co.nz.

“I don’t think rising prices will come as news to anyone, but what’s interesting is how quickly and strongly the market bounced back after lockdown in April last year.”

More than 1.24 million users were recorded on realestate.co.nz in May 2020, suggesting Kiwis didn’t waste any time getting back into the property market after level 4 restrictions lifted.

“We all spent a lot of time at home during lockdown and I think this prompted a lot of people to reassess their property needs,” says Vanessa.

Since last May, the number of people searching for property on the site has remained consistently high, peaking in March 2021 with 1.36 million users.

“More people searched for property in 2020 than any other year since 2016, and we’re tracking to eclipse that in 2021,” says Vanessa.

Interestingly, overseas interest has remained high throughout the last 12 months with on average 21.4% of users on realestate.co.nz searching from outside New Zealand.

“We know that a lot of Kiwis have returned home from overseas during this time, but it could also be that our relative success with Covid-19 has made New Zealand even more attractive for international buyers,” she says.

However, the high demand hasn’t been matched by the number of properties available for sale: inventory has remained consistently low over the last year, despite increases in the number of new listings coming onto the market.

“Stock shortages have posed real challenges for buyers and we can see how much pressure this has put on prices,” says Vanessa.

9,145 properties were listed for sale nationwide during the month of April 2021 – 2,177 fewer than March.

“As we head into winter, we usually start to see less activity in the property market. In a year that’s been anything but normal, it will be interesting to see whether this trend continues,” she says.

National asking price edges towards $840k in April; record prices in four regions

Real-time data from realestate.co.nz shows the average asking price for Kiwi properties was $839,035 in April, up slightly from $835,844 in March.

“It’s astonishing to think that during the same period last year there were no physical open homes or property viewings. The housing market has performed in a way that few people would have expected when Covid-19 restrictions were first announced,” says Vanessa.

Four North Island regions hit all-time asking price highs in April: Northland, Taranaki, Wellington and Manawatu/Whanganui all reached peak asking prices since records began 14 years ago.

Northland reached a record high for the fourth consecutive month, with a home in the region now asking $751,670 on average.

Prices continue to climb in the capital, with Wellington reaching a record average asking price of $887,837 – up 4.3% from $850,912 in March.

Taranaki and Manawatu/Whanganui also reached peak prices since records began 14 years ago, with average asking prices of $ $553,071 and $ $604,196 respectively.

Auckland remains New Zealand’s most expensive region, with an average asking price of $1,099,154 last month.