October rebound reported

New residential property listings increased by almost a third in October after a slow September, figures from Realestate.co.nz show.

Monday, November 3rd 2014, 12:00AM

by The Landlord

There were 13,765 more homes on the market in October than in September.

Realestate.co.nz marketing manager Paul McKenzie said there was not the usual spring rise in homes for sale in September, which he blamed on the election.

But he said a strong October brought listings back to long-term levels.

The total number of homes for sale and average asking price are now close to what they were a year ago.

The New Zealand market has 1.5% fewer new properties on sale than at the corresponding time last year, with an average asking price of $488,393 – only 1.3% higher than in October 2013.

The record national average asking price of $490,550 was recorded in June this year. The average asking price in Auckland remains high though, at just under $700,000.

The total number of homes for sale nationally is 39,917, compared to 38,557 a year ago.

While the number of homes on the Auckland market is slightly lower than in October 2013, the figures for other major regions have risen significantly.

In Wellington 2647 homes are now for sale, versus 2357 the previous year, an increase of more than 11%.

The number of homes for sale in Canterbury rose from 3132 to 3679, up 15%. Waikato has 18% more homes for sale than the year before – 3549 compared to 2916. In Manawatu/Wanganui, the number of homes for sale rose from 2089 to 2706, an increase of 23%.

Realestate.co.nz said there also seemed to be strong demand from buyers.

In October, there were 78% more daily unique browsers than a year ago.

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