The latest NZ Property Report released today by Realestate.co.nz for the month of July for the first time in what seems like an eternity shows that the pressure in the property market caused by a shortage of listings may be easing.
In July 9,857 new listings came onto the market, which compares with 9,411 in July last year. Not much of an increase you might well say but given the fact that the past 5 months have all seem lower numbers than a year previous – it is good to see greater choice.
This increase in new listings however did not actually increase the available stock on the market. At the end of June there were 37,615 properties on the market, by the end of July that had fallen by 1,383 to 36,231. However available stock of property on the market is not the true test of the state of the property market; for that you need to look at the rate of sale. For June the sales on a seasonally adjusted basis were down from 6,748 to 6,217.
So with an increase in new listings matched to a slower sales, the inventory as measured by the number of weeks of equivalent sales actually rose in July. The Property Dashboard for July shows a level of 26.7 weeks - still placing the market firmly in favour of sellers but some easing does bring some hope for buyers.
Across the country the picture reflected the national trend with 9 regions experiencing a sellers’ market as compared to 13 last month. For the first time for quite a while one region – the West Coast of the South Island is showing a buyers’ market.