Average asking prices hit an all-time high in December, while new listings sunk to an all-time low, according to the latest figures from realestate.co.nz.

New listings were 6.2% lower in December 2017 (7,133) compared to the same month a year before (7,606). Total housing stock was also 9.3% higher than December 2016. On the other hand, the average asking price hit $660,798 up 3.8% from November 2017.

New listings are low (down 7.8%). But total stock (up 26.1%) and average asking prices (up 2.7%) are heading in the other direction.

“The average asking price is still increasing despite high levels of stock. Auckland saw new property valuations last year which may be leading vendors to expect more than the market wants to pay,” said Vanessa Taylor, spokesperson for realestate.co.nz.

New home sales were down in 13 of 19 regions. Auckland contributed significantly, with only 1,908 new houses listed last month, down 7.8% on the previous December’s 2,070. But the biggest fall was in the Wairarapa, down by 32.9% to 98 year on year.

“The Central Otago, Lakes region also showed a significant drop, with new house listings down 26.6 per cent to 212 properties. This would appear to have had some effect on the region’s climbing asking prices,” Taylor added.

Source: www.nzadviseronline.co.nz