Tue, 03 Oct 2023

WELLINGTON, Sept. 22 (Xinhua) -- The number of properties for sale across New Zealand continued to soar last month, jumping a record 76 percent when compared with August last year, according to the latest Trade Me Property Price Index released on Thursday.

Trade Me Property Sales Director Gavin Lloyd said nationwide property supply had now seen a year-on-year jump for nine months straight. "While last month's spike is partly due to the nationwide lockdown in August 2021, these increases have been on an upward trajectory all year and currently supply is well above pre-pandemic levels."

"Last month marked the third month in a row where we saw listing numbers spike by more than 50 percent year-on-year," he said.

While every region saw supply up by at least a third in August when compared with the same month last year, Lloyd said there were some standouts. "Waikato saw its highest number of properties for sale ever last month, with supply more than doubling in the region when compared with August 2021.

"The Hawke's Bay, Nelson/Tasman, Bay of Plenty, Manawatu/Whanganui regions also saw over double the number of properties for sale in August when compared with the same month last year."

Lloyd said while demand for property was also on the rise, it was no match for the large supply jumps. "Nationwide there was a 5 percent year-on-year increase in views on properties for sale in August, with the biggest jumps in the Hawke's Bay, Wellington, and Nelson/Tasman regions."

Lloyd said prices may continue to fall yet ahead of Summer.

"We're only just entering the busiest period for the market now, and with a huge amount of options on the table for buyers, it's going to be an interesting few months ahead. If these supply peaks continue to outperform demand we would expect to see prices fall even further."

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