Canterbury's average property asking price for March is at an all-time high since records began 13 years ago in spite of the Covid-19 lockdown.
This is now at $526,125 and has increased by 3.3 per cent compared to this time last year and 1 per cent since last month.
However, data from realestate.co.nz indicates the number of Canterbury houses added to the market this month was 21.1 per cent less than in March last year, with only 1267 listings made.
Nationally, the average property asking price increased by 5 per cent compared to March last year to a record high of $711,696.
As well as Canterbury, Gisborne, Hawke’s Bay, Otago, Wellington, Southland and Manawatu/Whanganui also hit all-time asking price highs.
Across New Zealand, new listings coming onto the market in the month of March were down 16.5 per cent on the same time last year.
The biggest listing decreases were in Northland and the Coromandel where listings dropped by 34.5 per cent and 33.1 per cent.
Most of the decline in new listings occurred in the last week of March.
Realestate.co.nz spokeswoman Vanessa Taylor said it will be a waiting game to see what the property market does in the face of Covid-19.
Realestate.co.nz spokeswoman Vanessa Taylor said it will be a waiting game to see what the property market does in the face of Covid-19.She said buyers and sellers have remained active, with the average time spent on the website increasing significantly since the lockdown was put in place.
“For many Kiwis, this is a good time to get their property in front of potential buyers who are spending more time looking at property online. It is also a good time for Kiwis searching for something new to look carefully at what is available,” she said.
She said floorplans, 3D walkthroughs and video content will be even more important for sellers during this time when homes cannot be viewed in person.
This follows a busy start to 2020 for many vendors. In February, 12 of 19 regions saw a lift in new homes coming onto the market.
“For many Kiwis, this is a good time to get their property in front of potential buyers who are spending more time looking at property online. It is also a good time for Kiwis searching for something new to look carefully at what is available,” she said.
She said floorplans, 3D walkthroughs and video content will be even more important for sellers during this time when homes cannot be viewed in person.
This follows a busy start to 2020 for many vendors. In February, 12 of 19 regions saw a lift in new homes coming onto the market.
In comparison, only three regions this March saw a lift in new listings. These were Central Otago/Lakes, Taranaki and Wairarapa, with increases of 18.2 per cent, 10.0 per cent and 8.7 per cent.
Ms Taylor said while people can put their homes on the market during Alert Level 4, she believes that some people may wait to list their homes due to the logistical challenges of the lockdown.
“I suspect that many Kiwis, whether they are planning to list now or after the Alert Level 4 period, will be making the smart decision to prepare their homes for sale now.
“New listings coming onto the market have been down in Taranaki since December 2019 so, although the total homes for sale in the region is still down on last year, it is nice to see some activity in the region,” said Ms Taylor.
Ms Taylor said New Zealand's national housing shortage remains an issue for the property market.
Ms Taylor said while people can put their homes on the market during Alert Level 4, she believes that some people may wait to list their homes due to the logistical challenges of the lockdown.
“I suspect that many Kiwis, whether they are planning to list now or after the Alert Level 4 period, will be making the smart decision to prepare their homes for sale now.
“New listings coming onto the market have been down in Taranaki since December 2019 so, although the total homes for sale in the region is still down on last year, it is nice to see some activity in the region,” said Ms Taylor.
Ms Taylor said New Zealand's national housing shortage remains an issue for the property market.
In March, the total homes available for sale nationwide was down 26.7 per cent on the same time last year.
The total homes available for sale decreased in every region during March with Marlborough hitting an all-time low since records began in 2007. Some of the top drops were seen in Taranaki, Waikato, Auckland and Wellington.
Said Ms Taylor: “We physically do not have enough homes for the number of people in our country. As a country, we haven’t kept pace with population growth in recent years.”
“It remains important for us to look at how we can scale up building activity and build modern, high-density homes for New Zealanders,” she said.
The total homes available for sale decreased in every region during March with Marlborough hitting an all-time low since records began in 2007. Some of the top drops were seen in Taranaki, Waikato, Auckland and Wellington.
Said Ms Taylor: “We physically do not have enough homes for the number of people in our country. As a country, we haven’t kept pace with population growth in recent years.”
“It remains important for us to look at how we can scale up building activity and build modern, high-density homes for New Zealanders,” she said.
