Still a seller's market: Realestate.co.nz

Auckland’s average asking price reached a new high of $685,426 in April, up 12% on the same time the year before, Realestate.co.nz says.

Monday, May 5th 2014, 12:00AM

by The Landlord

But national asking prices eased in the month to $477,460, down 1.4% on March but up 7% on April 2013.

Ten regions reported asking price increases, four with an increase of more than 5%. Hawkes Bay reported the largest month-on-month increase in asking price, up 10% from March to $359,225.

It was followed by Marlborough, where the asking price rose 8.4% to $407,912.

Nine regions reported asking price falls. Gisborne’s asking price was down 8% from March to $273,733. Coromandel reported the next biggest fall, down 5.2% to $410,776.

There were 2% more new listings in April this year than in 2013. In the main centres, Auckland, reported 3329 new listings, down 4% from April 2013, Wellington was down 9%, with just 755 new listings last month. But Canterbury reported an increase with 1211 new listings, up 2.5% from last year.

The inventory of unsold homes on the market recovered again in April, rising 3% from March to 29 weeks of stock. Inventory is a measure of how long it would take all the stock on the market to clear at current sale rates.

Realestate.co.nz said that showed the market was re-balancing.

Seventeen regions now report an inventory higher than the average seen in the last 12 months. Nationally inventory sits 12% above the 12-month moving average, at 29 weeks.

Realestate.co.nz said overall the market remained firmly in sellers' favour, particularly in Auckland, Northland, Coromandel, Wairarapa, Central Otago and Canterbury.

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