Winter Housing Market Promises Buyers’ Advantage With Surge in Unsold Property Stock

Date Published: 2 April 2024

Key Facts

• The New Zealand housing market ended the peak summer season with decreased new listings and lower average asking prices in March compared to February.
• Realestate.co.nz recorded 11,455 new listings in March, an increase of 23.9% from March last year.
• The decrease in new listings in March compared to February could suggest a market slowdown, impacted by the Easter break.
• The average asking price nationwide fell by nearly $20,000 to $907,483 in March.
• However, the March average asking price was still up by $23,660 (or +2.7%) compared to the same month last year.
• There were 33,425 properties for sale on Realestate.co.nz at the end of March, the highest any month has recorded since May 2015.
• The inventory has been consistently rising, suggesting a shift in the market dynamics in favour of buyers as we enter the winter months.

Article Summary

The conclusion of the peak summer selling season saw a decline in both new property listings and average asking prices for March compared to the previous month, according to data from the property website Realestate.co.nz. Whereas March typically records high activity in the residential property market, this year saw a slight drop in new listings, which could suggest a tempering of the market.

The average asking price also experienced a dip, falling close to $20,000 from February’s $927,312 to $907,483 in March. Despite this decrease, the average asking price for March still recorded a 2.7% increase compared to the same period the previous year.

The residential property market is facing a significant amount of unsold stock on the market as the summer selling season concludes. Inventory on Realestate.co.nz reached 33,425 properties for sale at the end of March, the highest figure seen since May 2015. As inventory continues to rise, even with less new listings, it suggests a shift in the market in favour of buyers, providing them with more options and stronger bargaining power as we move into the quieter winter season.

Source Link: To read the full article, click here.