New property listings across New Zealand hit a 16-year low in March, with just over 9,200 homes up for sale, a decrease of 17.7% compared to the same month last year, according to a report from property website realestate.co.nz. The number was the lowest for March since 2007 when 17,867 homes were listed for sale. The report also found that average house prices had dropped by 11.7% year-on-year with the median asking price standing at NZD 856,627 ($597,000), while listings had decreased in most regions, with Auckland experiencing a 22% decrease. However, the Coromandel, Marlborough, and Taranaki regions saw an increase in listings.
Realestate.co.nz spokesperson, Vanessa Williams, said that several external factors, including high levels of uncertainty related to the upcoming general election, had led to hesitancy among vendors. “Kiwis love property. But in times of uncertainty, we tend to delay decisions to buy or sell. I think that is what we are seeing here”, she said. Williams added that the slowdown may serve as an early sign of a “shift in these markets”, with new listings dropping since the beginning of 2023. Although there are still around 30,000 homes on the market, the total stock of homes is moving at a slower rate.
