Housing stock jumps in Auckland, decreases across NZ

There are more properties available, but prices are still high. Photo / File

Demand for property in Auckland has dropped significantly but prices are virtually the same.

There were 31.7 per cent more properties available to purchase in April 2017 compared to the same time last year, new figures from realestate.co.nz show. But Auckland was the only region in New Zealand where stock had increased.

Demand for residential housing in Auckland decreased by 31.1 per cent, more than any other region in New Zealand.

Despite the drop in demand, Auckland house prices remain high with an average asking price of $953,623. However, the growth appears to be slowing, with only a 0.1 per cent increase on the previous month.

"Auckland appears to be in a 'wait-and-see' mode right now," said Vanessa Taylor, realestate.co.nz spokeswoman.

"A cooling in demand and an increase in the number of properties sitting on the market indicates that potential buyers are taking their time and exploring all of their options."

Taylor said there was nothing to indicate prices would begin dropping in Auckland.

"Never say never," she said, "but the market is stable."

The cooling market in Auckland could also reflect the fact that people are more cautious during election years, Taylor said.

Other regions, however, are feeling a pinch in supply with most recording a decrease in available housing stock.

Twelve regions across the country saw a drop of over 25 per cent compared with a year ago.

Available housing in Hawke's Bay is at an all time low, where the asking prices for lifestyle properties has hit a record of over $1.2 million.

"Hawke's Bay has had an attraction for many people for some time and this has been accentuated in the recent past," Taylor said.

Wairarapa and Manawatu-Wanganui are particularly hard hit by the shortfall with the total number of properties available to purchase down 47.1 per cent and 40.3 per cent respectively on the same period last year.

Both regions also recorded an increase in asking price on the previous month with Wairarapa jumping 14.8 per cent on the previous month. Manawatu/Whanganui's growth was more conservative at 2.0 per cent on March.

Other regions recording significant declines in stock included Northland, Coromandel, Hawke's Bay, Central North Island, Taranaki, Nelson, Marlborough, Southland and Otago.

The West Coast saw the highest growth in monthly asking price with an increase of 23.8 per cent on the previous month.