Tuesday, 26 January 2021

WHITIANGA WEATHER

Number of residential properties for sale down by half

According to property website, realestate.co.nz, housing stock available for sale on the Coromandel Peninsula dropped by 50.3 percent last month compared to December 2019. Nationwide the number of properties on the market decreased by 29.1 percent.

During the course of last month, 103 properties were listed for sale on the Coromandel. That’s a decrease of 16.3 percent over the same period in 2019. Across New Zealand, the number of property listings increased by 19.2 percent. Of the 19 regions monitored by realestate.co.nz, 11 regions saw more properties listed than in December 2019.

If no new listings were to come onto the market, realestate.co.nz expects all residential properties on the market on the Peninsula as at 31 December 2020 to sell within 14 weeks. Nationwide the Inventory of Listings (the time it would take for all existing stock to clear) stood at an average of eight weeks. The Long Term Average for the time it was taking for all properties on the Coromandel to sell was 121 weeks. The Long Term Average is based on 13 years of seasonally adjusted data. According to realestate.co.nz, the significant discrepancy between the Inventory of Listings and the Long Term Average is an indication that the Coromandel residential property market is a strong sellers’ market at the moment.

The average asking price for all housing stock on the market on the Peninsula as at the end of last month was $881,908. That’s a decrease of 2.1 percent compared to November 2020. In terms of average asking price, the Coromandel remains the third most expensive region in New Zealand, only behind Central Otago/Lakes on $1,147,518 and Auckland on $1,027,687. The most affordable region last month was the West Coast of the South Island with an average asking price of $333,748.

“[Across New Zealand], we’re still seeing a lot of competition in the market and I expect this will continue to drive strong prices in the first quarter of 2021, encouraged by low mortgage rates and a lack of international travel,” says realestate.co.nz spokesperson, Vanessa Taylor.

Pictured: Cooks Beach basking in some of last week’s sunshine.

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