Data from realestate.co.nz shows the number of new properties on the market during April was down about 20 percent nationally. Photo: RNZ / Nate McKinnon
The housing market has slowed, with new listings last month at the lowest levels for any April on record.
Data from realestate.co.nz shows the number of new properties on the market during April was down about 20 percent nationally.
The average national asking price was also down in all but two regions - Marlborough and the West Coast.
"Demand is still there but perhaps buyers are looking to take a more considered approach" - Vanessa Williams of realestate.co.nz
Spokesperson Vanessa Williams told Morning Report many sellers and buyers were hesitant to act at the moment because of economic uncertainty.
Recent weather events, the ongoing high cost of living and the latest 50 basis point increase to the OCR were feeding that uncertainty, she said, as was the upcoming general election.
"We do know Kiwis like to be a bit more certain when they're making one of the biggest financial decisions of their lives."
Williams said the national average asking price in April was around $850,000, almost $100,000 less than it was a year ago.
While those prices were still high historically speaking, they had dropped back from the peak seen in early 2022, she said.
A typical April month would see around 10,000 new listings come to market, she said, whereas last month that figure was around 7100, or about 30 percent lower.
However she said the market could change quite quickly and a certain number of transactions would continue to happen as people's lives and circumstances changed.
Visits to realestate.co.nz's app over the past month were at a record high, she said, which indicated people were still interested in the property market.
"Demand is still there but perhaps buyers are looking to take a more considered approach and they are taking longer to make their decisions."
The downturn had impacted real estate agents, she said, but it had also provided opportunities for those who knew how to bring buyers and sellers together.
"This is a profession that we need to acknowledge in these types of markets because at the moment, it is quite a challenging sale and you do need to bring buyers' expectations to where vendors are at in the market."