We continue a noticeable increase in new listing activity, allowing purchasers to enter the market with confidence of choice. This has added to the overall portfolio of properties available on the market.
Data provided by realestate.co.nz shows the increase of new property listings has stabilized at approximately 25,441 properties, which is 107.7 per cent ahead of August 2021. In regard to the last three months, there has been a continued lift in new listings, which has seen the total stock available across New Zealand lift by close to 5,000 properties, or just over 25 per cent, in three months.
Rising property listings can act as a slight headwind for property value growth. This creates a more balanced market where buyers have more choice and the opportunity to make decisions compared to other properties available on the market.
The Reserve Bank of New Zealand lifted interest rates in their recent announcement, marking the sixth consecutive rise since October 2021. The next monetary statement and official cash rate review is 5 October 2022. While lending barriers have slowed the buyer depth within the property market, the current inflationary effects are having the most impact on the economy and affordability, with the annual inflation rate being 7.3 per cent.