Buyers have more choice as property stock rises

Property buyers continue to have plenty of choice, with the number of homes available for sale increasing over the past year.

Realestate.co.nz data shows national housing stock was 9.7% higher in August than a year earlier, with 32,908 properties on the market. However, the flow of new properties onto the market slowed, with new listings down 5.1% year on year.

Prices also remain subdued. The national average asking price was $849,362 in August, 1.8% lower than a year earlier.

Realestate.co.nz said healthy stock levels and relatively stable asking prices were continuing to create favourable conditions for buyers. Having more properties to choose from gives buyers greater scope to compare homes, locations and price points rather than feeling pressured to make a quick decision.

Sellers face more competition

The other side of having more properties available is that sellers face greater competition for buyer attention.

That makes it particularly important for vendors to understand how their property compares with similar homes in their local market. Realestate.co.nz said good presentation, realistic pricing and strong marketing could help properties stand out and attract suitable buyers.

Conditions also vary considerably across the country. Thirteen regions recorded year-on-year declines in average asking prices during August, while eight recorded double-digit increases in the number of properties available for sale.

For buyers, having plenty of choice can provide more time to consider their options. Sellers, meanwhile, may benefit from recognising that buyers have alternatives and positioning their property accordingly.

Being finance-ready can make it easier to act when the right property appears. Before you start making offers, get in touch and we can work out how much you may be able to borrow.