Property | Real Estate
Possible “turning point” for housing market as new listings and housing stock rise The latest data from realestate.co.nz suggests that November marked a turning point for what many have called New Zealand’s “runaway” housing market. The property site’s CEO, Sarah Wood, says that the November dataset is an early indicator of more housing availability to come. “The New Zealand property market is taking an encouraging turn. The last time we saw our new listings this high was seven years ago in October 2014,” Sarah says. “And total housing stock (all the homes available on realestate.co.nz), has also gone up by 5.1 percent year on year. It looks like buyers will have more homes to choose from this spring and summer.” But new listings and total stock figures aren’t the only numbers perking up ears at realestate.co.nz. “Housing consents are at record numbers. Data from Stats NZ shows that the country has consents to build homes faster than we were in the 1970s, which indicates an increase in supply for property seekers in the future.” Wellington joined the million dollar club in November - its average asking price hit $1,002,190, up 27.3 percent when compared to the same time last year, and a 14-year record high. The region has been a compelling story for several months, setting trends that seem to be filtering into nearby regions. “Wellington’s market looks piping hot—new listings were up 21.8 percent and total stock
was up a whopping 58.3 percent on November 2020,” Sarah says. “When we see higher numbers of total stock and new listings, it tells us that buyers are being more considered, and homes are being listed at a faster rate than they are sold. “In Wellington, this looks to be the case—and this is the third month in a row that the region is leading the charge. The capital continues to keep us on our toes.” The national average asking price is now $969,604 - also a 14-year record. The Coromandel (up 32.5 percent to $1,203,073), Gisborne (up 30.3 percent to $703,806), Auckland (up 23.3 percent to $1,264,601), Manawatu / Wanganui (up 26.0 percent to $671,919), Canterbury (up 24.4 percent to $672,248), Taranaki (up 22.3 percent to $615,774) and Otago (up 21.1 percent to $645,663), all broke average asking price records year-on-year. Although its average asking price cooled slightly in November month-on-month, Central Otago / Lakes District is still the most expensive region to purchase a property. A home in the region is now priced, on average, at $1,314,884—up 21.9 percent year-on-year. “It’ll be interesting to see if we see more stock coming to the market, and how that might affect the asking prices this summer,” Sarah says. CT
For the first time in years, total housing stock is heading in the right direction Only five regions saw their total stock go backward in November year-on-year: Central Otago/Lakes District (down -27.0 percent), the Coromandel (down -35.1 percent), Canterbury (down -18.7 percent), Northland (down -18.9 percent) and the West Coast (down -26.2 percent). But other regions, like Manawatu / Wanganui (up 70.4 percent) Wairarapa (up 63.5 percent), Wellington (up 58.3 percent), Hawke’s Bay (up 48.1 percent), Marlborough (up 32.3 percent) and Otago (up 29.2 percent) all saw notable increases in stock. This is a positive sign, suggests Sarah. “It’s been a few years since we’ve seen total stock increases like this. These numbers are heartening, and another early indicator that the winds of change are coming to the market. “Amongst other things, New Zealand needs to build more homes if we want to get on top of challenges like housing affordability. “The government has recently released their housing bill, which estimates that between 48,000 and 105,000 dwellings could be built in the next five to eight years. If this concept comes to life, we’re on the right track.”
Thinking of buying or selling? Call me today Clarence Monsanto Licensee Salesperson M. 027 868 8369 P. 0800 935 569 E. clarence.monsanto@raywhite.com A. 5/333 Harewood Rd, Bishopdale LICENSED REAA 2008
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Wellington’s market looks piping hot—new listings were up 21.8 percent and total stock was up a whopping 58.3 percent on November 2020,
