Housing sales in New Zealand are taking longer
Compared to 2016 there has been a downturn in the New Zealand property market. Properties are on average taking almost a week longer to sell and the number of properties sold has also fallen by 24.5 percent nationwide, while Auckland alone had a fall of 30.6 per cent.
This is being attributed to tighter borrowing restrictions - which are making it more difficult to purchase property - as well as the recent elections.
While this is especially true in Christchurch and Auckland, with an average of 41 days listing during autumn compared to 28 days in 2016, Wellington has seen the average sales time almost halve since 2014.
Back then it took about 50 days on average to sell a Wellington property; it currently takes only 28 days on average over 2017. However, the figures stated do not consider time spend on the market from previous listings, which results in understating the actual time taken to sell.
Despite the decrease in sales and the longer selling time RFi Group data, shows 10 per cent of Auckland borrowers are likely to sell their home in the next 12 months in order to buy another one, compared to 7 per cent of borrowers from the rest of New Zealand.
Trade Me head of property, Nigel Jeffries, said that while spring is a popular time to sell, it is also one of the most competitive seasons of the year for the property market.