The total number of residential properties available for purchase in the Bay of Plenty has risen, according to realestate.co.nz spokesperson Vanessa Taylor.
Waikato, Bay of Plenty, Wellington and Canterbury all showed a lift in total housing stock for the month of May, compared to the same time last year.
Stock in the main centres was tight throughout 2016, with a shortage of homes available for purchase, but May’s figures indicate this trend may be coming to an end.
“In 2016 we saw more Aucklanders turning to the Waikato and Bay of Plenty regions as an alternative to high house prices and fierce competition,” says Vanessa.
“They were the first two regions to see a southern drift away from the city. Whether this drift continues will be interesting to watch, as we are seeing similar signs of total housing stock climbing in both Waikato and the Bay of Plenty.”
The lift in total housing stock in Auckland, Wellington, Waikato and the Bay of Plenty coincides with a fall in demand in these same regions. Of New Zealand’s 19 regions, these four sit at the bottom of the demand table and are the only areas which show a drop in demand.