Ray White Now New Zealand - September Edition - Page 11
The average inventory of listings has been reduced to eight weeks . This is in comparison to the long-term average of 27 weeks , with every market across New Zealand showing a reduction in available inventory compared to the longterm average . This is most polarised in the regions of Hawkes Bay , Wairarapa , Wellington and Canterbury .
Listings for August 2021 were 3.1 per cent lower than the same time last year across the nation at 12,249 . There were substantial decreases in Northland , Central North Island , Nelson and Bays , Hawkes Bay and Otago . There were positive inventory lifts in two markets , Gisborne and the Wairarapa .
Over the past ten years , the national stock has decreased . While this is more polarised in percentage terms than ever , it has been somewhat of a steady decline in the last ten years that has seen stock decrease from a high of 50,000 properties on the market to today being at a level of 12,600 . Sales numbers , however , have not decreased . Given that there are around 8,000 property sales per month , the inventory level and stock availability are at approximately 40 days . This means addressing housing stock challenges and incentivising new builds is a priority of the government . Several markets have intensified their unitary plans to allow more building to take place and more homes to be occupied per square metre of usable land . This in itself is an approach that sees an intensification of housing . While not all areas will see changes , many of the major capital regions will have to incentivise new builds in regard to the unitary plan .