The latest 'Property Report' from Realestate.co.nz reveals rising listing overhang relative to sales, and falling asking prices
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Loading... - Eugene Martinez
- 20 Jan 2023
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Realestate.co.nz has released its December 'Property Report' setting out listing levels and asking price averages. It describes a market in a growing funk.
Asking prices are falling. Nationally in December they were -5.5% lower than a year ago. Much of that was driven by sellers becoming more realistic in Auckland.
In Auckland they were -11.5% lower than year-ago levels, the largest fall in asking prices ever recorded in the Queen City, down -$141,000. A third of that fall happened in December from November. That is a -$49,400 fall in December from November, the second largest monthly retreat ever recorded (after the -$53,400 dive in January 2018 from December 2017).
The number of listings available have been rising in 2022 ending the year at 26,100. This is not a high level compared to the record high 60,000 in 2008. We are just back to 2016 levels.
In Auckland the levels are at ten-year highs however.
As is typical nationwide, sellers tend to take down their listings over the December-January period. The realisation that prices are retreating may induce more sellers to stay out of the market. As we saw in the Barfoot December sales results, transaction activity is unusually low as sellers struggle to accept the new realities. Read More…
