Realestate.co.nz has reported signs of rising confidence in the market, as sellers pushed up the national truncated mean asking price to a new high of $445,529 in October.
That is the highest level since the site’s collection of data began in 2007.
The asking price rise was seen across the country, with Auckland reaching a new record high of $611,864, and Canterbury reaching a new high of $414,070. It’s the first time Auckland’s mean topped $600,000 and Canterbury’s first mean over $400,000.
In total 15 regions reported asking price increases, and seven regions saw rises of more than 5%. The most significant rises were seen in the Central Otago/Lakes, Canterbury, Gisborne, Manawatu/Wanganui, Southland, and Auckland regions, with Central Otago/Lakes showing the largest increases, up 18% to $621,200 (the highest seen since November 2007).
Of the four regions reporting asking price falls on a seasonally-adjusted basis there was only one with a fall of more than 5% - West Coast had a fall of 6.5%.
There were 12% more new listings in October compared to the same month the year before. There were 12,688 new listings for the month, up from 11,514 in September.
Realestate.co.nz spokesman Paul McKenzie said the market was in sellers’ favour in 12 of the country’s 19 regions. “The next data for November will be interesting to review as to the final flush of new listings coming on to the market in November is traditionally one of the biggest listings months of the year. Last year that total was just over 13,000 – that at a time when inventory was considerably higher than today.”
Overall new listings increased on a national basis, but nationwide there were only slightly more regions showing increases than falls.
There were 16 regions reporting year-on-year rises, with significant increases (over 20%) seen in 10 regions. The largest increases were in Taranaki (68%), Wairarapa (40%), Hawkes Bay (34%) and Gisborne (31%)
Only three regions reported fewer new listings than October last year. Northland reported the biggest fall, of 17.4% when compared to October 2011.
The inventory of unsold homes on the market rose 9% in October to 33 weeks of stock.
Five regions (Taranaki and West Coast) showed increases in inventory of homes on the market. Four other regions (Central North Island, Southland, and Otago) sit close to their respective long-term averages.
Market sentiment continues to favour sellers in the remaining 10 regions, with the greatest strain being felt in the main metro areas of Auckland, and Canterbury, which remain under pressure from low listings compared to sales activity.
New lifestyle property listings had another boost across the country in October, rising a further 18% when compared to September. A total of 1121 listings came onto the market, an increase of 12% when compared to October last year.