High stock and stable prices – perfect time for buyers
The real estate market is offering a rare opportunity for buyers, with stock levels remaining elevated and prices holding steady.
Data from realestate.co.nz for September showed that the average asking price remained flat, providing buyers with consistent pricing across the country.
“For nearly two years, our national average asking price has hovered between $860,000 and $890,000. We’ve never seen prices remain flat for this long,” said Vanessa Williams (pictured above), spokesperson for realestate.co.nz.
Buyer interest soars amid price stability
Interest in the housing market is on the rise, with total active users on realestate.co.nz up 28% year-on-year.
International searches also surged, with increases in activity from Australia (35%), the US (16%), and the UK (25%).
With another OCR review pending, many potential buyers are looking to make their move before conditions shift.
Williams noted that while stock levels are still high, this could be the ideal window for buyers to act.
Longest stretch of price stability ever recorded
September marked the 20th consecutive month of stable asking prices, the longest on record.
The national average asking price saw a slight increase of 0.2% year-on-year, reaching $870,110.
“This level of price predictability is rare,” Williams said. “It offers both buyers and sellers a unique sense of confidence in the market.”
Lifestyle regions continue to thrive
Central Otago/Lakes District and Marlborough were the only regions to achieve double-digit price growth year-on-year, with gains of 10.4% and 10.0% respectively.
“These lifestyle regions continue to attract buyers with their space and desirable living conditions,” Williams said, adding that the increased stock in these regions did not dampen price growth.
Spring stock levels hit decade high
The number of properties for sale surpassed 30,000 in September, the highest level for this month since 2014.
This surge in available homes gives buyers a broad selection as the market heads into the traditionally busy spring season.
“With so many properties on the market, this could be the best time for buyers to find their perfect home,” Williams said.
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