Home buyers have plenty of choice at the moment as a surge in new listings in late spring has lifted the number of residential properties on the market to its highest level in 2-1/2 years, according to the latest New Zealand Property Report.
The number of new listings in November was up 7 percent, on a seasonally adjusted basis, falling just short of 13,000 new listings, according to the monthly report compiled by Realestate.co.nz.
"This puts listings at their highest level since June 2008, and is the highest level for a November calendar month since 2007," Alistair Helm, chief executive of Realestate.co.nz.
The expected selling price of new listings fell 0.5 percent $417,660 in November from a year ago.
"Vendors are eager to take advantage of the summer marketplace and are setting their expectations at realistic levels," Mr Helm said.
The overall market price is 2.7 percent below the peak of the market back in October 2007 on a seasonally adjusted basis.
"While these indicators show it's definitely a good time to buy, we'll need to wait and see how this trends over the next few months before we can fully assume that the market is regaining some buoyancy," Mr Helm said.
