Property in New Zealand becomes a sellers market for first time in two years

 

The amount of property for sale in New Zealand fell sharply in June with the New Zealand Herald reporting that the decline was ‘turning the national property market in favour of sellers for the first time in two years.’

The number of properties listed for sale in the country fell by 10 per cent in June as fewer sellers came to the market and the number of property sales in New Zealand increased.

Fall in volume of property in New Zealand for sale

The New Zealand Herald reports that there were 9,111 new properties listed across New Zealand in June, down from 9,898 in May.  The number of unsold properties on the market has fallen from 50,398 in April and 48,352 in May to just 47,738 in June.

The falls in stock levels mean that the number is approaching the long term average, measures by the amount of time it would take to sell all the property on the market.

The report from realestate.co.nz shows that the current inventory is at 42.1 weeks, compared to the long term average of 41 weeks.

Realestate.co.nz chief executive Alistair Helm said that after the change in the market in Auckland in May 2011, other locations have followed suit.  Main centres including Otago and Wellington as well as regions including Queenstown and Waikito are also seeing increased sales and reduced listings.

Mr Helm said: “These are regions that have not been sellers’ markets for a very long time. If things continue, it’s likely that we will see a shortage of listings to meet buyer demand grow even further.

“With the country is now delicately poised on the long term average of inventory, and ongoing shortage of available properties looks very possible,” he said.

Selling New Zealand property  >