Although a drop in listings was noted across most of the country, year-on-year growth was seen in Marlborough, Auckland (pictured), Central North Island, and Nelson & Bays. File photo. Photo: 123RF
The number of new property listings has dropped to record lows across parts of the country, according to a new report.
It comes as the property market holds fire, a trend that leaders in the sector are describing as a pre-election lull.
Figures from Realestate.co.nz's September New Zealand Property Report show new listings plummeted in some regions last month, with weather-ravaged territories such as the Coromandel, Gisborne and West Coast all seeing downturns of more than 20 percent in 12 months.
Waikato, Hawke's Bay, Wellington, Otago, Southland, Central Otago/Lakes district, Wairarapa, and Manawatū/Whanganui also fell short of typical September numbers.
Realestate.co.nz spokesperson Vanessa Williams said people may be holding off until after the election.
"I think the fact that we're going to get a decision in a couple of weeks is what is going to make the biggest change to the New Zealand property market," she said.
"At the moment we've got a whole lot of promises on the table and how long those promises can come into fruition, no one really knows.
"But I do think that Kiwis like to transact in a more certain market."
The National Party aims to fund a large chunk of its contentious tax plan through a levy on foreign property buyers.
Offshore purchase of houses worth more than $2 million would have a 15 percent tax added, which National claims could raise up to $740 million dollars a year.
There has been a ban on foreign buyers since 2018, put in place by the Labour Party to cool the housing market.
Williams said only around 3 percent of property sales were to non-New Zealand citizens or resident visa holders before the Overseas Investment Amendment Act came into force in 2018.
"For argument's sake, even if we get back up to those peak levels, 3 percent of an already small subset of the market isn't likely to significantly impact most Kiwis."
There are nearly 24,000 homes for sale on realestate.co.nz, with about 7 percent priced at over $2m.
"We are talking about the higher end of the market, where there is less demand," Williams said.
"Homes priced over $2 million tend to spend more than twice as long on our site than those priced closer to the national average asking price, telling me that demand is not currently satisfying supply in this area of the market."
Although a drop in listings was noted across most of the country, year-on-year growth was seen in Marlborough (3.3 percent), Auckland (6.6 percent), Central North Island (9.6 percent), and Nelson and Bays (14 percent).
The national average asking price of $871,400 remained steady however, falling by only 0.1 percent against the month of August.
Last month also saw the average price hit more than half-a-million dollars in all 19 regions after the West Coast tipped over the $500,000 mark for the first time since records began in 2007.
The region's average price experienced a 5.4 percent increase, rising from $488,754 in August to $515,183 last month.
"I believe in every market, there are opportunities for everyone to find the perfect property," Williams said.
"A quick search on our site shows over 3,200 houses listed for $500,0000 or less right across the motu.
"Buyers looking for more cost-effective housing may need to look a little beyond their backyard to find them."