Realestate.co.nz has released its December 'Property Report' setting out listing levels and asking price averages. Asking prices are falling and sunsequently so are the sale prices. Nationally in December they were asking prices-5.5% lower than a year ago. Much of that was driven by sellers becoming more realistic in Auckland. The Median House price across the country fell by 12.2% but are still up from the median house value in December 2019.
The number of listings available have been rising in 2022 ending the year at 26,100. This is not a high level compared to the record high 60,000 in 2008. We are just back to 2016 levels. However In Auckland the levels are at ten-year highs.
As is typical nationwide, sellers tend to take down their listings over the December-January period. The realisation that prices are retreating may induce more sellers to
stay out of the market Even at the lower levels of listings, they still represent a substantial overhang in dwellings for sale in this market. There are now 28 weeks of listing inventories at the current rates of sale. That is up from 11 weeks a year ago, and up from 23 weeks in November.
But always remember that people always need to move whether it is to downsize, job change or up sizing to fit the family - so as long as you are buying and selling in the same market then the price difference will be relative.
2023 is starting out as a buyers market but if you want to understand how the market will affect your plans for the future then give Victoria a call she is know the market
and is the key to your next adventure.