Home buyers have “less choice than ever” as Covid-19 hits Auckland property market

Ripu Bhatia Reporter from Community News

The impact of the Covid-19 pandemic on Auckland’s property market is being felt, data from realestate.co.nz reveals.

The number of Auckland homes for sale in August was down 7 percent from the same period last year with just 7399 listings.

This echoed national trends where the housing supply decreased by 13.2 percent to 17,974 listings.

The average asking price nationwide has increased by 9.1 percent to $824,702 over this period.

However Auckland was at odds with this trend, with a slight decrease in asking price by 0.8 percent to $982,155.

Realestate.co.nz spokesperson Vanessa Taylor said the national housing shortage is not getting better and buyers have “less choice than ever”.

“New Zealand's fast-growing population coupled with an increase in the number of Kiwis returning home due to COVID-19 is likely increasing the demand for property,” she said.

"With many Kiwis unable or reluctant to relocate overseas right now, this too is likely putting a strain on the market.“

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