New homes coming onto Gisborne market

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GISBORNE recorded the largest percentage increase in new home listings in November, compared to the same month in the previous year, according to figures released by realestate.co.nz.

Eighty-eight new properties were listed in November, up 20.5 percent from November 2016.

Realestate.co.nz spokesperson Vanessa Taylor said New Zealanders now had more choice when it come to buying a home as there had been an increase in new listings across the country.

Auckland dominated the lift in new listings by volume (4,629 new listings) in November, and 11 other regions recorded higher percentage level increases compared to November 2016.

Gisborne led the way followed by Manawatu-Wanganui at 15.3 percent, Central Otago/Lakes at 14.1 percent, West Coast at 10.5 percent, Canterbury at 10.3 percent), Otago at 9.1 percent), Wellington at 7.9 percent, Nelson/Bays at 5.1 per cent, Marlborough at 4.1 per cent), Bay of Plenty at 1.8 percent) and Auckland at 1.3 percent.

“An increase in new listings, coupled with static prices indicates the property market is back on track,” Ms Taylor said.

“The heat that lit the 2015-2016 market is no longer evident. The slow start to the 2017 year was equally challenging for buyers and sellers.

“What we are now seeing is a normalising of the market which will benefit both groups.”

The “property asking price” in Gisborne was $301,988 in November, down 14.1 percent from the previous month.

That compared to the national equivalent of $636,719, up 0.8 percent from October.

One hundred and seventy-one residential dwellings were for sale in Gisborne on November 30, down 17.1 percent from 12 months before. Across New Zealand on the same day there were 27,488 residential dwellings for sale, up 7.6 percent from November 2016.

Ms Taylor said realestate.co.nz welcomed the Reserve Bank’s announcement this week that from January 1, 2018, mortgage lenders would have the ability to approve loans to more customers who had less than a 20 percent deposit.

“There is no doubt that buying a first home has been incredibly tough, across the country, but particularly in Auckland,” she said.