Home buyers in Auckland, the Waikato and Canterbury will have plenty to choose from this summer with a big jump in the total number of homes available for sale in those regions, according to Realestate.co.nz.
The property website’s latest data shows it had a total of 26,943 homes listed for sale on February 27, up 3.2% compared to the end of February last year.
That increase was mainly driven by big increases in the number of homes available for sale in Auckland +10.9%, Waikato +15%, Coromandel +13.3%, Nelson Bays +7.9% and Canterbury +10.7%.
In Wellington the inventory of homes available for sale was unchanged from a year earlier while all other regions showed decreases in the number of homes for sale compared to a year ago.
In the Bay of Plenty the inventory of homes for sale was down 3.2% and in Otago it was down 14.4%.
In Central Otago/Lakes it was down 11.7%.
However while the total number of homes available for sale was up compared to a year ago, the number of homes that were newly listed for sale in February was down in most parts of the country compared to February last year.
That is consistent with data from other sources, which suggests the market is cooling – particularly in the upper North Island, with a growing stock of unsold properties and fewer properties coming to market as vendors’ price expectations moderate.
See the charts below for listing and inventory trends throughout the country.