Rotorua Property Investors' Association

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Listings down, asking price eases

The number of properties being listed for sale dropped dramatically in December, the latest report from shows.

The website reported 8010 new listings last month, down 6% from 2012 and a drop of 40% compared to November 2013.

It was the lowest number of new listings in seven years.

At the same time, asking prices eased to a level last reported in June 2013. The national seasonally-adjusted truncated mean asking price dropped 5.7% from November to $451,448.

Record asking prices were reported in Canterbury, where the average asking price of $443,750 was 14% up on December 2012, and Taranaki, where asking prices increased 22% on the year before to an average $344,910.

Auckland’s average asking price dropped marginally to $656,702. Wellington’s fell 2.7% to $445,351.

Northland had the largest increase in asking price, up 6.5% from November to $422,779 last month.

The most significant drops in listings were seen in Taranaki and Northland. Auckland recorded 1897 new listings in the month, down 8% from December 2012.

But new listings for apartments were up 8% year-on-year. The truncated mean asking price of new apartment listings rose to $422,712.

Lifestyle block listings dropped 31% compared to November, with an average asking price of $681,453 – up almost 10% on the same time a year before.

The available listings on the site would take 26.3 weeks to sell at current turnover rates, well down on the long-term average of 37.


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