Auckland housing market goes into holiday mode: realestate.co.nz

Auckland property is selling more slowly, says realestate.co.nz.
HYUNGWON KANG/REUTERS

Auckland property is selling more slowly, says realestate.co.nz.

Kiwis are parking their house hunting urges as the Christmas break approaches.

Industry website realestate.co.nz said asking prices and viewing patterns had cooled in the three main centres, notably Auckland.

In Auckland, asking prices - a good gauge of sentiment - hit another record high of $947,141 in November, but only grew a modest 0.4 per cent on the previous month.

Demand, as measured by views per listing, fell 8.1 per cent in the three months to November, compared to the same time last year.

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That meant properties were likely taking longer to sell, Brendon Skipper, realestate.co.nz's chief executive said 

"If this trend continues, there will be more choices available for Auckland buyers in the foreseeable future," 

Nationally, asking prices also grew modestly, up 0.6 per cent to $613,643, although asking prices are usually higher than the sale price.

Demand rose in all other regions, with particular interest in lifestyle regions.

"As we prepare to head into the holiday period, it appears that increasing number of Kiwis are considering investing in a bach or holiday home," Skipper said.

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Average asking prices in Coromandel, Marlborough and Nelson all recorded sizeable spikes, up 8.4 per cent, 8.2 per cent and 17.4 per cent respectively.

Price expectations were also up in the Wairarapa (5 per cent) and the West Coast (up 11.1 per cent).

However, buyers may have struggled to find a bach in the Coromandel, which registered a significant drop in new listings in November, down 39 per cent on the same month last year.

The biggest jump in new listings was in the Manawatu/Wanganui region, where supply was tight.

The region recorded a 17 per cent jump in new listings in November, although the average asking price grew just 1 per cent to $291,292.

Skipper said properties in the region were turning over more quickly than in Auckland.

Theoretically there was only 13 weeks worth of listings on the Manawatu/Wanganui market if no new properties came to the market. Auckland had 14 weeks' "inventory".

A shortage of properties for sale was a national trend, with just 16 weeks of "inventory" across the country, well short of its historical average of 32 weeks. Wellington had the tightest supply at eight weeks.

 - Stuff

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