Housing market 'back on track' with listings up, prices static

The property market is back on track with an increase in new listings and prices static, according to website realestate.co.nz.

The site lists properties for sale by various agencies.

Realestate.co.nz statistics show there were 13,477 new listings across the country in November, the highest number in three years.

"With this increase, the market is now sitting where it should be in terms of total stock," said realestate.co.nz spokesperson Vanessa Taylor.

Total housing stock for sale across New Zealand stood at 27,488 in November, the highest level since March 2016.  

Auckland made an impact on this number with a total of 9,935 homes on the market in November, a 23 per cent increase in stock compared to November 2016. 

While there is more choice of homes on the market, asking prices have remained relatively static nationally, Ms Taylor said.

The average November asking price across the country sat at $636,719, an increase of 0.8 per cent on the previous month. 

"This is even after Auckland recorded a two per cent jump in average asking price in November to $956,387 following a comparatively quiet year for the region," Ms Taylor said.

"The heat that lit the 2015-2016 market is no longer evident," she said. 

"The slow start to the 2017 year was equally challenging for buyers and sellers. What we are now seeing is a normalising of the market which will benefit both groups." 

For new home buyers, realestate.co.nz welcomes the Reserve Bank’s announcement this week that from January 2018, mortgage lenders will be able to approve loans to more customers who have less than a 20 per cent deposit, Ms Taylor said. 

Property investors will also have the potential to benefit from new Loan to Value Ratio measures announced by the Reserve Bank, she said. 

Auckland, New Zealand - January 11, 2014: New Homes on January 11, 2014. House prices are booming around New Zealand - with the average price of an Auckland city home rocketing to $735,692.
Auckland houses (file picture). Source: istock.com