Buyer demand for Auckland properties is lower

Buyer demand for Auckland properties is lower than in any other region in the country and new listings and prices have also tumbled, says realestate.co.nz

 Property Asking Price August 2017

Buyer interest is lower for residential properties in Auckland than for any other region of the country, according to realestate.co.nz.

The residential property market finished winter on a particularly slow note in most parts of the country, but Auckland has been especially badly affected, according to the latest figures from the property website.

"Nationally, there has been a fall in new listings, static asking prices and muted demand," Realestate.co.nz said in its August report.

Across the entire country new listings on the website were down 17.5% in August compared to July, average asking prices were down 1.7% and demand (measured as the average number of online views per listing) was down 8.5%.

New listings were lower in all regions of the country compared to last year except for Hawke's Bay and the West Coast, which posted slight gains.

There were particularly large falls in new listings in the Waikato, where they fell from 894 in August last year to 687 in August this year, and in the Bay of Plenty where they dropped from 808 in August last year to 588 in August this year.

However average asking prices have held up reasonably well in those regions. 

Buyer interest lower in Auckland than in any other region

But the Auckland market appears to be particularly badly affected on all fronts.

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The average asking price in Auckland was $933,502 in August, down $28,694 from a May peak of $962,196.

The average asking price for Auckland properties on the website is now at its lowest point since September last year.

New listings in Auckland were down 22.7% in August compared to August last year, and buyer interest is lower in Auckland than in any other region of the country.

According to Realesate.co.nz, demand for Auckland properties, measured as average views per listing, was down 23.9% in August compared to a year ago, putting the region at the very bottom of the demand table.

"The Auckland market appears to have lost its shine when it comes to buyer interest," realestate.co.nz spokesperson Vanessa Taylor said.

In Wellington new listings dropped form 795 in August last year to 667 in August this year, but the average asking price hit an all time high of $579,243.

In Canterbury new listings dropped from 1268 in August last year to 1173 in August this year, while the average asking price of $490,235 was only slightly below the record high of $496,715 set in May.