New property listings jump 44.8%

A significant number of new properties have been listed for sale across New Zealand, representing good news for buyers who want greater choice and bargaining power.

A total of 11,788 new for-sale properties were added to realestate.co.nz in February. That was 44.8% more than last year, with new listings increasing in all 19 regions.

Part of the reason for the large year-on-year increase was that February 2023 had a record-low number of new listings for any February since realestate.co.nz records began in 2007.

Thanks to the surge in new listings, a total of 31,424 properties (i.e. both new and old listings) were listed for sale in February, which was the highest number since 2015.

This represented an 8.1% year-on-year increase, with listings rising in every region except Gisborne and Otago.

Just as seller activity has increased, so has buyer activity. The number of views for each for-sale property on realestate.co.nz was 10.1% higher than the year before, while engagement (which includes property saves and enquiries) was 22.6% higher.

Stability has returned to the market

The New Zealand property market is in a much better place than this time last year, according to realestate.co.nz spokesperson Vanessa Williams.

“Last February saw us dealing with a very different summer as Kiwis grappled with the effects of back-to-back weather events. In a typical February month, we would see around 11,000 new listings come onto the market. Seeing numbers back in the ‘normal’ range tells us that Kiwis are becoming more positive about listing their properties for sale. This is great news for buyers, offering them a wider array of options,” she said.

“We haven’t seen this level of opportunity for buyers in over eight years. The high number of people searching on our site shows that this increase in options is being met with interest.”

However, this is not a one-sided buyer's market. Instead, the market appears to be in balance, Ms Williams said.

“After the highs and lows of the past few years, we are now seeing signs across the board that the property market is recovering, which is good news for those looking to buy or sell across the motu.”

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