Homes Available In Auckland Hit A Record High!

Auckland Homes “On The Market” Rise, Amid Lows Recorded Elsewhere

The total number of Auckland Homes available for sale in Auckland recently hit a record high, despite other regions having to settle with scanty numbers, according to Realestate.co.nz. The news is taking over the mainstream in a period when demand for property in Auckland is seriously lagging.

According to this reputable real estate sector watchdog firm, the number of homes ready for sale has been rising over the last one month. Shockingly, the increase is being experienced in Auckland alone as other parts of the country experience a shortage of listings.

Towards the end of April, Realestate.co.nz reports that a gigantic 8,927 Auckland homes were listed up for sale. The figure is just surprisingly huge in a period when properties elsewhere are selling like hotcake. The 49.5% rise compared to the same period a year ago hasn’t been reached over the last five years.

Industry Watchdog See Auckland Homes To Stabilize

The record number of homes for sale comes at a time when another industry watchdog, REINZ, is reporting a decline in the region on a yearly basis. April’s data concerning the same is yet to be collected, but the trend will most probably remain unchanged.

And, explaining about the record number of listings in Auckland, Vanessa Taylor of Realesate.co.nz said that the phenomenon currently being experienced was good news. The rise in the number of homes for sale meant that House Buyers In Auckland were also other unlikely winners.

“Auckland seems to be nestled in a wait-and-see mode right now,” she said.

She adds that the slowing demand, coupled with the rising number of listings will invariably favour smart homebuyers. She’s probably seeing the same ‘change’ that had been explained by Barfoot & Thompson managing director Peter Thompson who had also noted that buyers are taking their time and exploring the scene with caution.

While the number of apartments available for sale in Auckland is this huge, it’s amazing that contrary is happening in other areas of New Zealand. The total listings are at an all-time low in Hawke’s Bay, Manawatu-Whanganui, Gisborne, Taranaki and Northland. In Wellington and Canterbury, the situation is relatively stable.

In fact, in most regions, the difference between April last year’s number of listings and this year’s is almost negligible. Moreover, the asking price of newly advertised properties in April this year is almost similar to that of March, though the demand slumped by 13.8% over the last three months. But as the listings continue in Auckland, it will remain to be seen if indeed the 31.1% reduction in demand in homes will persist.