The company’s property report for May showed the total housing stock for sale in the region was up 30.9% on the same month last year, while national stock levels rose 5.6%.
The region was also in the top two for new listings, which were up 29.3% from the year before.
Sarah Wood, the chief executive of realestate.co.nz, told The News the figures for the region showed "quite a significant shift".
"I would say that it reflects that you have a lot of new builds coming to market ... as well as just existing dwellings ... there’s a lot of developments and there’s a lot happening in that space."
Ms Wood said the market gave buyers some breathing space while property hunting.
"It means that they’ll have lots of options, and options are great, and it will also mean that people have the chance to look around the market more and do potential due diligence on a property as well."
Across the country the national average asking price remained steady — up just 0.8% year on year and 1.4% month on month — but there was a drop in average asking price in Central Otago and Southern Lakes of 6% to $1,382,741.
The region was one of nine that registered year-on-year declines, according to the report.
"Normally, I’m reporting that Central Otago and Southern Lakes has increased its average asking price. It is the most expensive region in the country, but this month it actually dropped," Ms Wood said.
Her view was that it was too early to draw any big conclusions from the shift.
"I think we need more data and I’ll be interested to see what happens over the coming months."
Leanne Taylor, of Arizto Real Estate in Central Otago, said despite plenty of listings and a dip in average prices it was not "as straightforward as simply calling it a buyers’ market".
The increased stock was "great news for first-home buyers" and on the ground she was finding properties up to $800,000 were moving quickly, while pricier properties and sections were slower to shift, she said.
"For buyers, I’d strongly recommend taking advantage of the current conditions, especially during winter. With so much choice available, now is a great time to secure a home and if you fall in love with a property in winter, chances are you’ll love it even more come summer."
Ms Taylor had tips for sellers, too. "It’s important to understand that while competition is higher, well-presented homes priced realistically are still selling well, particularly if they appeal to those emotional buyers. The key is in presentation and a smart marketing package."
In this region, there were always "heart buyers" — those willing to pay a premium for the right home, she said.
Rebecca Ireland, a real estate agent with Tall Poppy in Alexandra, said when it came to listings, the report’s high figures matched her experience on the ground.
"There is quite a lot on the market compared to other years, probably the most I have ever seen."
She agreed properties at the higher end of the market were taking longer to sell, but in this price bracket there was plenty of interest from out-of-town buyers.
Ms Wood said her data showed Australian buyers were browsing Central Otago and Southern Lakes homes, in particular.
"It has high appeal to both a winter ski audience as well as summer visitors."
Further down the island, Southland’s average asking price rose by 6.5% year on year to reach an all-time high of $564,29, the highest since records began 18 years ago.
The region also reported a month-on-month decrease in new stock coming on to the market.
Ms Wood said she would be watching closely to see where the market headed, following the Reserve Bank’s latest official cash rate drop and subsequent drops in interest rates on lending.
