New residential property listings at a record low

2 May

Housing market headed for a hard winter with stock levels up, sales down and new listings at a record low.

It looks like being a hard winter for the residential property market with stock levels at the end of April at an eight year high and sales remaining in the doldrums.

Property website Realestate.co.nz had 28,643 residential dwellings available for sale at the end of April, up 5.9% compared to the same time last year and was the most stock the website has had available at the end of April since 2015.

Sales numbers for April are not yet available. But in March the Real Estate Institute of New Zealand recorded 5877 sales, which was down 14.6% compared to March last year.

So the trend so far this year has been for sales and stock levels to be heading in opposite directions.

The high level of stock relative to sales has occurred even though the number of new listings received by Realestate.co.nz was down 18.9% compared to April last year. And it was at its lowest level ever for the month of April, apart from April 2020 when the market was basically closed down due to severe pandemic restrictions.

Realestate.co.nz spokesperson Vanessa Williams said when new listing numbers drop but that decline isn't reflected in stock numbers, it means buyers are taking their time.

"Many are delaying their purchase decisions given the current economic climate," she said.

Around the country the biggest increase in the amount of stock for sale at the end of April compared to a year earlier occurred in Coromandel, up 73.6%, while Gisborne posted the biggest decline at -33%.

The tables below show the full regional stock and new listing figures for April compared to a year earlier.