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Houses for sale at six-year low


The number of homes for sale on Realestate.co.nz has fallen to a six-year low, the website's latest report says.

The site now has 24.9 weeks' worth of stock nationwide.

There is a lack of inventory in all major regions. Canterbury, Waikato and Central Otago are all at record lows.

Auckland's inventory is 58% below its long-term average of 29 weeks, now at 12.3 weeks.

There were 5% fewer new listings this June than in the same month the year before. The sharpest drop was in the West Coast, where the number of new listings in June fell 26.5% compared to a year earlier. Nelson had an increase of 15.4%, followed by Northland, with 7.6%.

The seasonally adjusted truncated mean asking price fell slightly across the country to $450,178, 1% off the record set in May.

Ten regions reported increases in asking price, and five had drops. Central Otago/Lakes had the sharpest fall in asking price, down 13.2%. Wairarapa's mean asking price increased the most in June, up 5.1% to $267,350.

Realestate.co.nz said all of the regions' markets were favouring sellers, except for Southland, the central North Island and Taranaki.


Source: Landlords.co.nz