The number of houses listed for sale on realestate.co.nz hit an all-time low in July (file picture). Photo: RNZ / Alexander Robertson
Few houses are being newly listed as would-be buyers remain wary of committing to high prices and interest rates, according to realestate.co.nz.
In July, the number of new listings hit an all-time low of 6156 - around half the number seen in 2007 when the company's records began.
Stock was also down in 10 of 19 regions year-on-year, with just 23,090 total homes for sale nationally in July. That was 12.4 percent less than in July 2022.
The national average asking price, at just below $870,000, had remained stable since the beginning of the year, the report said, though it was down more than $100,000 from the property market peak in January 2022.
"The OCR (official cash rate) remaining flat last month, for the first time since August 2021, may have also given Kiwis some comfort given the current climate," spokesperson Vanessa Williams said.
"Although I will add that, since this announcement, banks have increased retail lending rates to around 7 percent."
However the Central Otago/Lakes District bucked this trend, with prices hitting an all-time high average asking price of more than $1.5 million.
Williams said unlike the rest of the country, the average asking prices in the region had been trending upward since the beginning of 2022.
"Demand remains high in this region, and it would seem that buyers, many of whom are based overseas, are not as impacted by rising interest rates and household inflation."
*This story has been updated with corrected realestate.co.nz data. Stock was down 12.4 percent nationally year-on-year in July, not up 2.8 percent, as originally stated.