Press Release – Realestate.co
Market tightens nationwide with low inventory across all major centres
AUCKLAND, 1 July 2013 – The inventory of unsold properties in New Zealand has fallen to the lowest point in six years. The record shortage was driven by low inventory in all major regions, with Canterbury, Waikato, and Central Otago all witnessing new all-time lows.
According to data released today by Realestate.co.nz in the NZ Property Report, inventory nationwide, measured by equivalent weeks of sales left on the market, is now 25 weeks. Canterbury’s figure of 14 weeks was the lowest on record, as was Waikato’s 29.6 weeks and Central Otago 61 weeks. Wellington fell to just 15.4 weeks, the lowest since November 2009, while Auckland recovered slightly from last month’s record low to 12.3 weeks, though still sits 58% below its long term average of 29 weeks.
Paul McKenzie, Marketing Manager of Realestate.co.nz says that record shortage is not overly surprising given how fast the market is moving. “We’re continuing to see a very heated market in New Zealand, inventory is way down on the long term average of 38 weeks. Supply is the main culprit; there simply are not enough properties on the market at the moment. The traditional winter dip in new listings has contributed this record low.”
The number of new listings coming to the market in June was down 5% on the same time last year. The 9,082 new listings is the lowest number recorded in June in seven years and follows strong listing numbers in April and May. “While we normally see listing numbers fall around this point of the year, the figure is still surprising, especially with the high level of demand from buyers we are currently seeing” says McKenzie.
Asking prices nationwide eased slightly in June, to $450,178, down just 1% from the record high figure seen in May, with prices in Auckland falling 1.3% to $623,471. However, both Wellington and Canterbury asking prices rose 1% to $451,622 and 410,723 respectively.
Realestate.co.nz is the country’s most comprehensive property listing website, profiling listings of licensed real estate agents with more than 110,000 listings covering residential, commercial, business as well as farms for sale.
The 1 July 2013 issue of the NZ Property Report – a monthly report of housing market activity compiled by Realestate.co.nz – can be found along with more analysis of the property market on www.unconditional.co.nz, the news and information website for New Zealand real estate.
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