PHOTO: FILE
Property listing numbers on Trade Me hit 10-year highs
The number of properties listed for sale continues to climb with onsite inventory rising to record levels, according to the latest Trade Me Property Pulse report.
Total listings onsite in February were up 12 per cent year-on-year and now sit at the highest in more than a decade, while new to site listings are down slightly on February 2024.
“It’s been a strong start to the new year, sellers are returning to the market and pricing is relatively stable making for an interesting landscape, whether you are on the sell side or buy side,” says Trade Me Property Customer Director Gavin Lloyd.
“We are also seeing the time to sell start to trend downwards which is a positive sign.
“The Otago region shows total inventory to be up 25 per cent on last February, while Southland, Wellington and Canterbury all saw year-on-year listings growth of 19 per cent.
“We continue to see supply outpacing demand, however that gap is narrowing with demand hitting a three year high and up eight per cent on February 2024.”
Modest rise in prices from January
After back-to-back falls in December and January, property prices increased in February.
The national average asking price for a property in February was $851,500, up one per cent on January. Year-on-year prices are down 2.8 per cent or close to $24,000.
“Just two of the 15 regions Trade Me Property tracks have recorded both month-on-month and year-on-year growth in average asking prices – those being the Bay of Plenty and Gisborne where the average property will set you back $902,650 and $666,500 respectively.
“If we look at Auckland, Wellington and Canterbury and compare prices to the same time last year all have softened. Tāmaki Makaurau is down 2.5 per cent, Pōneke 2.9 per cent and the wider Canterbury region down 0.1 per cent,” says Gavin Lloyd.
“For much of last year market conditions favoured buyers but that advantage is softening with properties now selling more steadily than they have done in quite some time. The modest increase in property prices from January is also sure to be well received by those watching the market and considering selling.
“That said, the market remains competitive from the sell-side and buyers certainly have a lot of choice.”
Larger Auckland property prices fall more than half a million dollars
All property sizes in the country’s main centres saw year-on-year declines in average asking prices in February, with two notable exceptions.
Christchurch city saw record high prices for 3-4 bedroom properties with an average asking price of $787,150, a 1.5 per cent increase compared to the previous year.
Meanwhile larger properties with five or more bedrooms in Wellington saw price growth of more than 10 per cent year-on-year in stark contrast to Auckland which saw significant decreases of 21.5 per cent and 11.4 per cent in Ōtautahi.
“In Auckland we’ve seen half a million dollars of value shaved off those larger properties over the past year,” says Mr Lloyd.
