Source: RealEstate.co.nz
Vendors shied away from listing their properties for sale last month, with the latest data from realestate.co.nz showing new listings were down by 26.0% in November 2022 compared to November 2021.
The dip in new listings comes as the official cash rate (OCR) rose for the ninth consecutive month. Vanessa Williams, spokesperson for realestate.co.nz, says Kiwis seem more hesitant to put their homes on the market in the current climate:
“Rising interest rates mean less credit is available for Kiwis looking to buy. As a result, we have seen house prices trend downwards, likely impacting those looking to sell.”
She says the market is continuing to slow, with properties generally staying on the market longer than they did a year ago. But she notes that demand remains steady – the number of people searching for property at realestate.co.nz increased by more than 5% between October 2022 and November 2022.
“There are still good opportunities for buyers and sellers alike in the current market. Sellers may just need to adjust their price expectations and be prepared to negotiate.”
“Property is a long-term investment. We may be seeing a dip in prices now, but the national average asking price was still up by more than $200,000 or 31.0% last month compared to November 2019,” says Vanessa.
She adds that these long-term price increases are even more marked if you look back five or ten years.
