Tauranga has recently been described in the annual Demographia International Housing Affordability Survey as the most unaffordable city in New Zealand to buy a new home.
“It looks like Aucklanders are less interested with the region than they previously were,” says realestate.co.nz spokesperson Vanessa Taylor.
Real time data from realestate.co.nz shows that viewings of listings to the region from Aucklanders has fallen each January over the last three years (January 2016-2018).
Despite this, Bay of Plenty asking prices continue to rise and are at an all-time average high of $637,281 - a 1.6 per cent increase on December 2017.Listings are also in scarce supply in the Bay of Plenty. The region registered a record low in new property listings compared with January 2017, with 466 new listings (down 12.6 per cent on the previous year).
Vanessa says a less frenetic market in the main centres means purchasers have the time to take a more considered approach.
“They can take more time to consider all options, such as whether to sell, buy or renovate, with less competitive pressure to purchase immediately,” she says.
“Buyers have more time to view all the options and negotiate without the pressure of a hot market.”
Asking prices fell in the Auckland region compared to the previous month (-4.0 per cent to $943,543). Falls were also registered in Christchurch (-2.1 per cent) and Otago (1.3 per cent). In the Waikato and Wellington regions, asking prices were relatively stable (+0.5 per cent) in both centres.