Doors wide open for first home buyers

Listings for properties for sale across the country have dropped by almost 2000 for the third consecutive month.

Around 60 per cent of new property for-sale listings on the www.realestate.co.nz website is priced below the national average asking price.

Latest data from realestate.co.nz shows a steady drain on housing stock is tightening the property pool for buyers across New Zealand.

Stock has fallen by almost 2000 properties for the third month in a row to 30,430, a 0.4 per cent decline on July last year.

Vanessa Williams, spokesperson for realestate.co.nz, says despite the seasonal slowdown, buyer demand remains steady, and opportunities are waiting for those ready to act.

“Although we’re seeing fewer homes coming onto the market, that doesn’t mean buyers have disappeared,” says Williams.

“The real estate industry is telling us that vendors who are realistic with their price expectations are selling, and with less competition, it can actually be a smart time to list your property if you’re ready.”

During July, 58.5 per cent of all properties listed on realestate.co.nz were under $850,000 – well clear of the national average asking price for July of $858,189.

Williams says for first home buyers and investors, this represents a window of opportunity before the traditional spring surge.

“First home buyers have a prime opportunity to look at their options with a solid band of homes listed for under $850,000.

“For buyers who have their finances in order and a clear idea of what they’re after, now is a great time to secure a foothold before competition heats up again.”

The national average asking price was up 0.6 per cent year-on-year and while this marks continued price stability, several regions showed a different story.

“Nationally, prices are holding steady, but when you zoom in, the picture becomes more dynamic,” says Williams.

“We’re seeing some standout regional growth which is a clear reminder that every region has its own rhythm, and local conditions matter more than ever.

“We have just 30 days until spring, and traditionally we see a surge of properties come to the market at that time,” says Williams.

“For buyers who are ready now, there’s a window of opportunity, especially with so many homes priced below the national average.”

Williams says while the number of new listings coming onto the market has slowed, vendors who align their price expectations with buyers are more likely to get their sale across the line.

“As spring approaches, our attention will turn to whether sellers come to the market in greater numbers and how buyers respond.

“For now, buyers remain active, and the market continues to reward those ready to move, but it will be interesting to see what happens in September as we move into the expected spring surge.”