Listings have continued to fall as sellers see an uncertain real estate market. Photo: RNZ / Nate McKinnon
An increasing number of home buyers have less choice in the market, according to a new report from the online market place realestate.co.nz.
It says listings fell by more than 20 percent in the year ended June, with the website seeing the fewest June listings since records began in 2007.
But at the same time, it said there were more people searching for property online.
The company's spokesperson, Vanessa Williams, said the record low listings on their website suggested sellers were hesitant to test the market.
"We know that Kiwis are feeling the effect of inflation and rising interest rates in their pockets right now, and I think some property owners are watching to see what happens next."
The election was also another cause of uncertainty for the market, she said.
"We may see this pent-up supply hitting the market later in the year."
Realestate.co.nz said the national average asking price on its website fell 8.7 percent from a year ago to just under $860,000.
Williams said asking prices have been relatively flat since March, and the June price was 0.9 percent lower than May.
She said Auckland and Canterbury showed signs of stabilising.
However, Central Otago and the Lakes District went against the national trend, with the average asking price up 4.7 percent from a year ago, to $1.48 million.
"The Central Otago/Lakes District is almost in its own economic micro-climate.
"Demand is still high for property in this region, and it would seem that buyers are not as impacted by rising interest rates and rising household inflation."
The West Coast was also up 14.9 percent from a year ago to $472,000.