At the start of each month realestate.co.nz takes the pulse of the property market and releases its New Zealand Property Report. If you want an idea of conditions before buying or listing then this is essential reading.
For those in a hurry, here’s a quick summary:
- The mean asking price for April wasn’t all that mean; nationwide it dropped to $423,832 from March’s high of $429,865. The exception was – where else – in Auckland; at $568,820 it broke its own record for the third time in eight months. If you’re thinking of selling your Auckland dwelling, the demand is certainly there.
- The single biggest jump in asking prices occurred in the Hawkes Bay, which leapt 14.1% to $370,813. Meanwhile Marlborough, Waikato, Nelson, Southland and Wairarapa all recorded decreases of more than five percent.
- Nationwide 10,174 new properties came onto the market last month. This is about the same as April 2011, but it pays for buyers and sellers to check region-to-region – local variances are often quite startling. Gisborne, for instance, recorded a 63% drop from last April, while Northland – with a 65% increase in listings – is a much happier place for homebuyers.
- For a quick guide to whether your region matches your needs, check out the listings and inventory graphs – I’ve included one below. It’s very useful for working out wherever your neck of the woods is a buyers’ or sellers’ market. The listings section is self-explanatory. ‘Inventory’ projects how long it will take to sell out of current stock. If you’re looking to buy and your area of choice is showing up green, things are trending your way. Likewise, sellers in blue regions can be equally pleased with developments.
I could not recommend this report any stronger if I tried, so I’ll just finish by saying for more details on the month that was check out the full report. The newly discovered real estate geek in me is already looking forward to June 1.