The residential property market in New Zealand is now showing all the signs of gearing up for a much stronger Spring season than has been seen for a number of years, according to the latest NZ property report.
The truncated mean asking price for all new listings in August rose significantly from $403,474 in July to $415,0784. On a seasonally adjusted basis the asking price rose by 2.7% in the month indicating that there is an emerging confidence amongst sellers of stronger prices, the report shows.
‘There is a seasonal trend that sees asking price rise in the August month each year, this year that seasonal rise is somewhat more significant,’ it adds.
The level of new listings coming onto the market in August rose for the first time since March. A total of 10,120 new listings came onto the market representing a 3% year-on-year increase and a more significant 9% rise on a seasonally adjusted basis.