Published: 12:46PM Thursday August 01, 2013 Source: Fairfax
Sellers' expectations for the price they can sell their properties have again hit record highs across the country, particularly in Auckland, Canterbury and the West Coast.
According to industry website realestate.co.nz, the average price vendors were asking for their houses last month jumped to $465,191, up 3% on the previous month.
Although asking prices are not the actual sales price, realestate.co.nz's marketing manager Paul McKenzie said it was still a substantial increase in expectations.
July's asking price was up more than $10,000 from the previous record which was set in May, and an 8% increase on July last year.
"It's really the confidence of sellers, that they believe that they can get the higher prices and a lot of them are, especially in the main centres where there is a lack of quality homes coming on the market each month."
Selected regions also hit new records, with Auckland's soaring housing market pushing asking prices there to a new average high of $639,685, beating the previous record by 1.3%.
Canterbury and the West Coast also set new highs of $422,043 and $318,816 respectively.
McKenzie said that a contributing factor appeared to the low level of stock on the market.
"As a whole New Zealand has quite low inventory and in June we had an all-time low in inventory. So that would have flowed into a change in asking prices as well and definitely affected it."
However, July's listings were much improved, up 9% on the previous month.
It was matched by an easing in inventory, which was up 7% from June's record low.
The market now has 26.7 weeks worth of properties to sell, although that is still well below the long-term average of 38 weeks.
McKenzie said July was unusually early for a pickup in listings, which ordinarily happened in September.
"It was quite a good July and I would say it's a good sign for the rest of the year in terms of getting a good number of listings onto the market."
Realestate.co.nz's figures are based on the 10,000 new listings on its website last month.
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Source: http://tvnz.co.nz/business-news/house-sale-expectations-hit-record-highs-5524632
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