Buyers are as keen as ever to purchase properties, the latest Realestate.co.nz report says, but there still aren’t enough listings available to satisfy demand.
And that is pushing asking prices to record highs.
The website reported a seasonally adjusted truncated mean asking price nationwide of $454,795 in May, up 4.3% from the same time last year.
The report said the rise in asking price was noticeable in more than half of New Zealand, with Auckland reaching a new record high of $631,656, and Central Lakes Otago reaching a new high of $707,510.
Northland and Manawatu/Wanganui had the biggest month-on-month increases in asking price, both up 11.9%.
The level of new listings coming on to the market rose in May compared to the month before but was down 7.2% on May last year. There were 11,001 new listings in the month.
On a 12-month moving average, 1% more properties have been listed over the last year than in the year before. But 17.6% more properties sold.
Auckland listings were down 3% in May to 3719 homes for sale. The lack of new listings coming on to the market just adds to pressure on buyers, resulting in a record low available inventory of just 7557 homes, down 27% from a year earlier.
The most significant drop in new listings in May was seen in Gisborne, where they were down 45.7% compared to a year earlier.
Realestate.co.nz said market sentiment favoured sellers in 18 of the 19 regions it reports on, in particular Auckland and Canterbury.