We continue a noticeable increase in new listing activity , allowing purchasers to come into the market with confidence of choice . This has added to the overall portfolio of properties available on the market .
Data provided by realestate . co . nz shows the increase of new property listings has lifted to 27,050 properties , which is 70.8 per cent ahead of April 2021 . In regard to the last three months , there has been a continued lift in new listings , which has seen the total stock available across New Zealand lift by close to 10,000 properties , or just over 40 per cent , in three months .
Rising property listings can act as a slight headwind for property value growth .
This creates a more balanced market where buyers have more choice and the opportunity to make decisions compared to other properties available on the market .
Source : www . realestate . co . nz / blog / news
The Reserve Bank of New Zealand lifted interest rates in their 13 April announcement , being the fourth consecutive rise since October 2021 . The next monetary statement and official cash rate review is 25 May 2022 . While lending barriers have slowed the buyer depth within the property market , the current inflationary effects are having the most impact on the economy and affordability , with the annual inflation rate being 6.9 per cent .
To put this into perspective , during the past 10 years , the inflation rate has averaged at 2.15 per cent , which is in line with the inflation target of 1 – 3 per cent on average over the medium term . It is clear that the rise in inflation impacts everyday life , and the Reserve Bank will take this into account in its monetary statement .
Areas and regions continue to respond differently in the various locations across New Zealand . While the headline numbers are generally provided on the overall sales , the regions with the highest average increase in asking price were the Coromandel , Central Otago and Waikato .
In contrast , the regions with the highest decrease in average asking price were Bay of Plenty , West Coast and Northland region . These graphs , however , can be a blessing for both buyers and sellers . An increasing market can indicate a strengthening of prices because of the value in the average sale price , while potential decreases can be a result of the market that might have been overinflated and the buyers have taken back to levels of pricing to be more realistic .