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The Coromandel one of only four regions to buck the trend of static property asking prices

Coromandel Peninsula | Wed August 02, 2017

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According to esteemed realestate heavyweight, realestate.co.nz, supply is tight and conditions are still those of a seller’s market, despite a record fall in the number of new property listings across New Zealand for the month of July.

Whilst property asking prices nationally only fell by 0.3 per cent in July compared to the previous month, four regions bucked the trend, with lifts in asking prices of more than five per cent.

The Coromandel led the way with a 11.2 per cent lift in asking prices compared to the previous month, followed by Northland (5.6 percent), Marlborough (5.4 per cent) and Central North Island (5.1 per cent).

Whitianga specifically is still feeling the supply pinch, with a significant decline in housing stock available for purchase. According to Ray White Whitianga, the number of sales for the second quarter of 2017 was down compared to the previous year but its Median House Price rose to $520,000.

At the other end of the scale, the largest falls in asking price for July compared to June were in Otago (down 7.9 per cent) and the Wairarapa (down 7 per cent).

“In every other region in the country, it’s still a sellers’ market, as measured by the inventory of listings,” says realestate.co.nz spokesperson Vanessa Taylor.

“But Auckland was delicately poised between a buyers’ and sellers’ market in July,” she says.

Based on the innventory of listings, if no new properties were to come onto the market from today, Auckland’s property stock would theoretically ‘sell out’ in 23 weeks.

“We will be watching with interest to see if this trend continues. If it does, it could indicate a shift towards a buyers’ market in Auckland. The last time we saw a buyers’ market in Auckland was February 2011,” she says.

Things have slowed down undeniably and the uncertainty of the upcoming general election results is no doubt being reflected in the behaviour of sellers and buyers alike.

 


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