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Agents, buyers starved after nearly 30% listings drop
(Photo / NZ Herald) Tue, 15 Jun 2021, 10:54AM
Real estate agents and buyers are being starved for choice after national residential property listings plummeted nearly 30 per cent in the second greatest drop since records began 80 years ago.
The Real Estate Institute said today the total number of properties available for sale nationally last month decreased by 28.9 per cent to just 14,883, only the second time New Zealand had less than 15,000 properties available in a month since the 1960s.
The latest number of listings is down from 20,940 from last May - 6057 fewer properties compared to then. This is the second time that New Zealand has had less than 15,000 properties available for sale and is the second-lowest level of inventory we ve seen since records began, REINZ said.
Tuesday, 15 June 2021, 9:10 am
Median prices for residential property across New Zealand
increased by 32.3% from $620,000 in May 2020 to $820,000 in
May 2021, according to the latest data from the Real Estate
Institute of New Zealand (REINZ), source of the most
complete and accurate real estate data in New
Zealand.
While it wasn’t a new record, it was the
highest annual percentage increase in house prices since
records began; and 5 out of 16 regions reached record median
prices as did 18 districts.
The median house price for
New Zealand excluding Auckland increased by 28.0% from
$530,000 in May last year to $678,500 in May
2021.
Auckland’s median house price increased by