House listings and asking prices up
The property market is swinging in favour of the seller, according to a Realestate.co.nz report.
The property market is swinging in favour of the seller, according to a Realestate.co.nz report.
In August new listings rose 9% on a seasonally adjusted basis and length of time on the market fell to 37 weeks compared to the long-term average of 41 weeks.
There has also been a 3% seasonally adjusted rise in asking prices, but it’s still 3% below the peak in asking prices in April.
The trend was seen in 12 of the 19 regions throughout the country, with the most significant rises in the central North Island and the Taranaki regions - up 7.5% and 8.7% respectively. Auckland, Wellington and Canterbury all saw modest movements of less than 1%.
Asking prices dropped in Gisborne, Nelson and Waikato.
Lifestyle property listings across the country rose in August with a 22% seasonally adjusted increase to 760 listings. The total is still a 10% decline from last year. Over the 12 months was 11,061 new lifestyle property listings brought to the market, down 12%.
New apartment listings shot up in August with 629 new listings coming onto the market. This represents a 51% seasonally adjusted increase and the highest level for over 18 months. The asking price expectation fell by 12% on a seasonally adjusted basis to $328,777
In the Auckland there were 462 new listings, an 81% seasonally adjusted increase. The asking price truncated mean was $302,425 – down 11% on a seasonally adjusted basis to the lowest point since the data reporting began in early 2007.
Nicola Williams
Thu, 01 Sep 2011
Thu, 01 Sep 2011
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House listings and asking prices up
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