The falling number of property listings continues to inhibit the market.

REINZ’s latest data shows the total number of properties for sale nationwide dropped year-on-year by 25.7% in September to 13,407, down from 17,576 in September last year – 4,169 fewer properties. However, this is an increase of 9.5% from August 2021.

Unsurprisingly, Auckland had the greatest drop in listings year-on-year in September, but there were increases in other regions under lower alert levels. Hawke’s Bay and Wellington had a significant annual percentage change of 15.2% and 14.5% respectively.

What has emerged is a tale of two alert levels. Sales in New Zealand excluding Auckland rose 13.8% on August as more real estate activity was allowed and those thinking of selling their homes had the confidence to bring them to market.

“We expect to see this same pattern as restrictions slowly ease for Auckland,” says REINZ chief executive Jen Baird.

Gisborne again had an annual uplift in inventory levels with a 20% increase from the same time last year, increasing from 65 properties to 78 properties – 13 additional properties.

Wellington rose 21.8% – from 687 in September last year to 837 in September this year. Manawatu/Whanganui had an increase of 14.4% – from 466 properties in September last year to 533 properties in September this year.

Regions with the largest drops were the West Coast -49.6% (down from 236 in September last year to 119 in September this year), Northland -45.0% (from 885 in September last year to 487 in September this year), and Canterbury -36.6% (from 2,396 in September last year to 1,518 in September this year).

Meanwhile the median number of days to sell a property increased by five days across New Zealand from 32 days in September last year to 37 in September this year.

$1 Million + Homes Hold Strong

Fourteen per cent – 753 properties – of homes across the country in September sold for less than $500,000. This is a drop from 24.7% of the market – 2,146 properties – in September last year – a minor increase from August 2021 where 13.6% of properties sold for less than $500,000.

The number of properties sold in the $500,000 to $750,000 bracket fell from 32.4% – 2,808 properties – to 30.5% – 1,640 properties.

At the top end of the market, the percentage of properties sold for $1 million or more increased from 22.3% – 1,938 properties – in September last year to 31.2% – 1,679 properties – in September this year.