Surge in Property Listings Gives NZ House Hunters Broad Options, Asking Prices Remain High

Date Published: 5 February 2024

Key Facts

• Realestate.co.nz reported a significant increase in new residential listings in January, up 10.5% from January last year, with 7347 listings.
• The overall stock levels of properties for sale rose to 27,261 at the end of January from 24,867 at the end of December 2023.
• Property stock levels are nearly back to their state at the end of January last year (27,732).
• The number of properties available for sale is the second highest for January since 2016, providing buyers with plenty of options.
• The average asking price in January was $891,960, up from $854,794 in December, indicating vendors have high price expectations.
• Realestate.co.nz revealed a 52.2% surge in new listings in January, far exceeding the average 23.7% increase typically seen between December and January over the last five years.

Article Summary

The New Zealand property market saw a significant influx of new listings in January, offering plenty of options for potential buyers as we approach the peak selling months of February and March. The property website, realestate.co.nz, reported receiving 7347 new residential listings throughout the country in January, marking a 10.5% increase compared to the same period last year. This surge has boosted the total stock levels of properties for sale back up to 27,261 at the end of January, almost mirroring the figures from last year.

The volume of available properties for sale is currently at its second-highest level for the end of January since 2016. However, despite the vast selection available to investors, sellers appear to maintain high expectations for their pricing, with the average asking price escalating to $891,960 in January from $854,794 in December. However, this average has demonstrated volatility from month to month recently.

With copious stock available for sale, sellers will need to keep their pricing expectations realistic to close sales, especially in the coming weeks when buyer enthusiasm will be gauged. According to realestate.co.nz’s January report, the start of this new year saw a drastic rise in market activity, with a 52.2% spike in new listings nationwide. This sizable increase notably exceeds the average 23.7% uptick usually reported between December and January in the past five years.

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