A buyers' market? Flood of new property listings across NZ

A flood of new property listings has experts calling an end to a 'flat market' period.

Realestate.co.nz released new figures on Monday, showing 10,372 new listings across the country in September - that's an 11.7 percent increase on the same month last year.

But Auckland listings blow that number out of the water - up 31.9 percent.

Southland is also seeing a major upsurge of 21.2 percent, followed by Northland and Wellington, with each region up more than 13 percent.

And last month also recorded an all-time high national average asking price - standing at $690,733, up from $659,309.

A buyers' market? Flood of new property listings across NZ
Photo credit: Newshub.

So what's the mood of the market and what's behind the increase? (h2)

If last night's auction on The Block NZ was anything to go by, the Kiwi dream is still alive.

All four properties sold under the hammer, with the winning house getting $1,009,500 - 4.2 percent over the median price for a three-bedroom home in Auckland's Hobsonville Point.

With a bumper-load of new listings around the country, Realestate.co.nz says that means one thing.

"New Zealanders sell their house when they believe they can sell within the current market place - that's confidence," says Realestate.co.nz spokeswoman Vanessa Taylor.

Ms Taylor says it's picking back up after an 18-month lull.

"We had an election year. It was a very wet-weathered year, which weather has a huge impact on the property market, and then we were also coming off the back of a very busy 2015 and 2016," says Ms Taylor.

While there's been an influx of new listings in Auckland, Southland, Northland and Wellington, some places - including Central North Island, Marlborough and Coromandel - have seen a significant drop.

A buyers' market? Flood of new property listings across NZ
Photo credit: Newshub.

Property commentator Olly Newland is not quite so optimistic.

"I think it's not as good a sign as you think. I think some people are panicking the market is slipping a little bit, and they want to put it on the market," he said.

"The question will be: will there be the demand to match it? I suspect it'll not be as hot a market as you think."

And while asking prices have hit an all-time high, sellers shouldn't expect too much.

"I don't think prices are going to come down a lot, but I don't think they're going to go up at all. I think they're going to go very flat and ease off," says Mr Newland.

"With this influx of supply, vendors will have to be realistic about their pricing and ensuring that they are meeting the market and what buyers are willing to pay," says Ms Taylor.

As it moves from a sellers' to a buyers' market, only the coming months will tell whether there's the demand to meet the supply.

Newshub.

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