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New Zealand property market sees dip in listings

The latest figures from show that stocks of homes for sale have fallen sharply again. The inventory of properties for sale across the country in June fell by 10% compared with May as a result of higher levels of sales and low numbers of new listings.

There were 9,111 new properties listed across New Zealand in June, down from 9,898 in May. The level of unsold houses on the market at the end of June was 47,738 down from 48,352 in May and 50,398 in April.

The drop has resulted in the inventory of available properties on the New Zealand market approaching the long term average, measured by the number of weeks it would take to sell all the properties, for the first time since 2009.

The report shows inventory at 42.1 weeks, while the long term average is 41 weeks. Meanwhile, the average asking price remained steady at $415,053, up slightly from $414,308 last month, and down 2% from earlier in the year. chief executive Alistair Helm said the shift in the market that was seen in Auckland last month was now being reflected in other main centres including Wellington and Otago, as well as in regions including Bay of Plenty, Queenstown, Waikato and Nelson.
‘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,’ he explained.
Helm added that the latest figures were similar to the trend that occurred when the property market responded to economic pressures following the onset of the global financial crisis in 2009.
‘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.
The recent announcement by the government of a programme to buy properties that were severely damaged in the earthquakes that hit Christchurch has generated more interest in property across the region.
Following the announcement the levels of visitor sessions on for property in the Canterbury region shot up by more than a third.
The most severely affected areas around Bexley, Avonside, Avondale, part of Brooklands, Burwood/Horseshoe Lake, part of New Brighton and Dallington are still showing property listed for sale as shown on the map view of listings from the website.

In total there are some 2,142 properties on the market in Christchurch city, a broad selection for those affected by the earthquake, adding to this total some 700 new listings have been brought to the market over the month of June to date.