Prices ease as sellers' market stays chipper

By Patrick O'Sullivan


Hawke's Bay real estate price expectations eased back last month but it is still a seller's market with the inventory of houses below the long-term average, according to the Property Report from Realestate.co.nz.

The average asking price was $332,568 on the website, 4.4 per cent lower than in June.

The number of new listings was up 3 per cent to 307, compared with July last year.

The inventory of homes on the market was 36 weeks, much lower than the long-term average of 42 weeks.

Simon Tremain, managing director of real estate company Tremains, said listings were up because more people were coming to the market - a trend that would continue.

"We know in spring, based on all the appraisals we are doing, there are a lot of properties coming on to the market," he said. "In previous years people just weren't interested in selling but because the market has improved they have reconsidered.

"There are buyers out there, so the days to sell have come back - the market is good and spring will be just great."

The national asking price expectation among sellers rose slightly last month by 0.8 per cent to $429,181.

Asking prices varied across the country. The three main centres all showed rises with Auckland reporting a 3 per cent increase, marginally beaten by Wellington at 3.1 per cent.

Canterbury set a new record high asking price for the third consecutive month at $393,433, up 0.9 per cent from June.

Nine regions reported rises in asking prices, with the Coromandel the largest riser up 8.6 per cent to $421,153.

Of the 10 regions witnessing asking-price falls, four reported falls of more than 5 per cent with Northland and Nelson seeing falls of more than 10 per cent (Northland 16.8 per cent).

Realestate.co.nz is the official website of the real estate industry in New Zealand and lists 97 per cent of properties on the market.

- Hawkes Bay Today

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