Real estate market picks up in October

Posted by MarkL on November 22, 2014

After a sluggish September new life was breathed in to New Zealand’s property market with a strong upswing in new listings in October.

Property website Realestate.co.nz announced recently that new listings on the market with them rose by 32 per cent in October with 13,765 houses listed.

September was unusually quiet Realestate.co.nz said, due in part to the general election but that was corrected in October.

In spite of the rise there are still marginally fewer homes being listed this year than October last year. The average asking price of NZ$488,3893 was also slightly lower than last year.

The record national average asking price of $490,550 was recorded in June this year.

Auckland is still driving the market with an average asking price of NZ$700,000.

Realestate.co.nz also reported not only were there more homes for sale, there were to be more people wanting homes.

Based on the number of visitors to their site, buyer interest is strong at the moment. This October, there were 78 per cent more daily unique browsers than a year ago.

Realestate.co.nz lists new properties for sale.

The website also reported asking prices were rising more slowly as the year comes to an end.

Over the last year, the national asking price for properties increased by only 3.9 per cent, compared to an 8.7 per cent increase in the preceding year.