As New Zealand settled into its second collective Level 4 lockdown, behaviour in its housing market exhibited a remarkable difference when compared to the first wave of COVID-19—this time around, it seems the Kiwi love affair with property remained strong.
Vanessa Williams, spokesperson for realestate.co.nz, says that although they saw a similar trend in April 2020, their site saw a notable difference in browsing behaviour this time around . Their findings show that Realestate.co.nz visitors are spending more time on site (up 6.7%) and viewed more pages (up 7.4%) when compared to the previous period when the COVID-19 Delta variant still hadn’t reached the community.
“Those that were browsing seemed to be seriously searching. The story hasn’t changed—market demand is strong,” said Vanessa.
Here are some key points from the latest report:
- National average asking price hits $900,671
The average Auckland home is now priced at $1,164,225, up 18.9% year-on year.
- -31.9% less homes to buy since this time last year
New Zealand saw another month of record-low stock in August. This trend has been ongoing for several months, and Vanessa wonders if the stock shortage may be partly down to a self-fulfilling prophecy. “Plenty of factors are at play with our stock shortage, but with several reports of sellers unable to find a new home to live in, it’s no wonder that some have been hesitant to list their houses. This contributes to lower stock—it becomes a bit of a cycle.”
- We are expecting an explosion of new listings to the market in level 3.
“But spring is on our doorstep,” Vanessa continued. “This is one of the best times to buy and sell property. With a large portion of the country coming into Alert Level 3 and plenty of sellers waiting to list their properties, I wouldn’t be surprised if we see a heavy transaction season.”
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