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NZ housing market slow, stock return to regular levels

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Source: MakeLemonade.nz

Ōtautahi – The latest housing report for February shows a lesser rate of decline in annual median prices and sales counts, with stock levels returning to normal, the Real Estate Institute of New Zealand’s (REINZ) says.

REINZ chief executive Jen Baird says the impact of ongoing economic headwinds and cyclone Gabrielle is reflected in the numbers, but some data in the housing market returns to normal amid a big clean up job across the upper north and eastern North Island.

February traditionally shows a reasonable month of activity but the impact of extreme and devastating weather over the start of 2023 is certainly showing in the data with sales and listings significantly down in affected areas.

Aotearoa may continue to see this for some time in parts of Northland, Auckland, Tairāwhiti Gisborne, Hawke’s Bay, Coromandel and Bay of Plenty.

Auckland’s listings were down 36.9 percent from 4365 to 2755 year on year, and Tairāwhiti’s down 54.4 percent year-on-year from 68 to 31 new listings. Nationally, new listings decreased by 29.5 percent, from 11,545 listings in February 2022 to 8143 listings in February this year.

Even though new listings are down as communities respond to the weather and the anticipation of economic adjustments ahead, inventory levels are now showing a return to standard levels after a few years at historically low levels.

At the end of February, the total number of properties for sale across New Zealand was 29,083, up 5813 properties, 25 per percent year-on-year.

The number of residential property sales across New Zealand eased annually by 31.1 percent from 5750 in February 2022 to 3964 February 2023. Month-on-month there was an increase of 40.4 percent.

Auckland and Marlborough recorded their lowest sales count since December 1995 and Wellington since June 2008.

Wellington now has sixteen months in a row of being in the bottom two ranked regions.