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SUNGMI KIM/Stuff
Uncertainty could be the reason homeowners aren’t wanting to sell, according to realestate.co.nz
Newsable is brought to you by BNZ.
Fresh data from realestate.co.nz shows the number of prospective home buyers is soaring in comparison to the amount of property for sale.
House hunters searching for property on the website shot up 8.6% compared to this time last year, but new listings are down more than 20%.
“We’ve seen OCR hikes, we’ve seen crazy weather events, [the] cost of living has been astronomical, but we’re also heading into an election year – and all of that creates uncertainty. And when you’re transacting one of the biggest assets of your life, you want to go into a scenario that’s a bit more certain,” realestate.co.nz spokesperson, Vanessa Williams, tells Newsable.
Williams says the lack of supply could result in prices rising.
“Because of all the economic factors, people have gone ‘do you know, maybe I’m not going to put my house on the market just yet’, and those new listings haven’t come on to the market.. [but] buyers are still hungry, so perhaps we’re going to see that shift.”
READ MORE:
* New home listings fall to record low as stock levels, prices flatten
* New listings tumble as housing market moves at snail’s pace
* Newsable: First home buyers possible beneficiary as asking prices cool
For first home buyers looking for a bargain, the report showed Southland and the West Coast as the only two regions in the country with average prices below the $500,000 mark.
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