"THERE ARE CURRENTLY MORE HOUSES FOR SALE IN AUCKLAND THAN ANY TIME IN THE PAST DECADE"

A very telling snapshot in Peter Thompson's February Market Update, some excerpts are as follows:

• There are currently more homes for sale in Auckland than at any time in the past decade creating the largest buyers’ market we have seen since 2011.

• In February we listed the highest number of properties we have listed in a single month since prices peaked in November 2021.  

• The number of sales in February at 633 
  was up 54.4% on those for the same month last year.

• The buildup of homes for sale is a combination of:

  • a high number of new homes reaching the market,

  • owner-occupiers moving forward with relocation plans as the market re-emerges from the downward cycle, and

  • the normal hesitancy of buyers trying to get their timing right in terms of price and mortgage rate.

When there are more homes for sale than active buyers, prices often retreat, but this is not the case currently and the homes we sold in February achieved prices marginally higher than in January. 

A definite change in the market!