New house listings at a seven year low
The New Year has started with a housing stock shortage, as the New Zealand property market registered the lowest number of new listings in December 2013.
Real estate data has found that the number of new property listings is 6% down on the same time last year. With just 8,010 new properties, it is the lowest number of new listings on record since surveying began in 2006. The previous low was recorded in January 2011.
Record low listing numbers were driven by record lows in Auckland, Wellington, Hawkes Bay and Otago. Auckland experienced a significant 57% decrease in new listings compared to the prior month and an 8% decrease compared to the same time last year. December 2013 saw just 1,897 new listings in the Auckland market, compared to 4,432 new listings in November 2013. Overall for 2013, there was a drop of 0.4% of new properties coming onto the market compared to 2012. There were 131,474 properties listed nationwide in 2013.
Once again the market is favouring a seller’s market across the majority of New Zealand.
Filed under: REAL ESTATE