However, the region still has excellent opportunities for buyers in the winter
Century 21 New Zealand owner Derryn Mayne has disputed a real estate website's claim that Auckland has more houses than buyers, making the region a “buyers' market.”
The latest data from the Realestate.co.nz showed $747,748 average asking price of residential property for sale held stable in June 2020, a 10.4% increase compared to June 2019.
Among the regions, Auckland has become one of the buyers' markets based on inventory levels.
Read more: Four new regions emerge as “buyers' markets”
However, Mayne found it hard to believe that Auckland is a buyers' market as most agents in the region call for more listings.
“Ask any Auckland real estate agent if they've got an abundance of stock on their books that they can't move, and they will fall over laughing. Like the rest of the country, most agents in Auckland are crying out for more listings, knowing they have plenty of buyers waiting to pounce,” Mayne said.
“When you start headlining that Auckland is now a buyers' market, people presume you're talking about prices being down. However, that certainly isn't our overall experience. In fact, REINZ's latest Monthly Property Report confirmed Auckland's median house price was up by 7.1% a year earlier.”
Read more: Southland remains a 'standout' region for investors
Despite disagreeing with the claim that Auckland is a buyers' market, Mayne said buyers can still find excellent opportunities in the region's market in the winter.
“There's no doubt that things in Auckland have levelled out. The market is now a more realistic one, but we're also seeing a boost of activity from first-home buyers and ‘Mum and Dad’ investors. For those two groups it's proving to be an opportune time,” she said.
“If you're thinking about listing your house, don't be afraid you'll get lost in some sea of listings and won't get the price you want. We're still seeing plenty of properties making great money and selling quickly. In fact, this winter could prove to be a much better sellers' market than the months ahead.”
