The number of houses on the market remain low which is keeping prices high and Real Estate agents say this trend could continue as people hold onto their homes in times of coronavirus uncertainty.
“We’d normally expect more houses in the market now than what we’ve got and I think that’s driving competition with purchases", said Sam Newble from Tommy’s Real Estate Agent.
Real estate agents say this trend may continue for some time.
Across the country listings remain low and for only the second time, fewer than 11,000 houses have come onto the market in February. In previous years it’s been as many as 18,000.
“It’s not easy out there for people looking for a house at the moment,” said Mr Newble.
The low supply has seen prices rise with New Zealand's median house price rising to a new record high of $640,000, a 14 per cent increase.
During the 2008 financial crisis house prices dropped over six per cent.
Professionals are urging people not to panic.
"It's slightly different this case but I think what we'll see is people maybe holding off a bit... buying and selling houses, particularly with the hit to unemployment, but it will recover and the key thing is people don't panic," said Bindi Norwell of Real Estate Institute of New Zealand.
The industry is taking extra precautions amid the coronavirus outbreak.
"There are new ways of transacting for example there are online auctions you can call up on the phone..open homes you can ask for private viewings... i know the real estate industry is taking this very seriously," said Ms Norwell.
One expert says property might be a good option for some.
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