Fewer listings hit first-home buyers

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With just 79 houses put up for sale last month, the Real Estate Institute says first-home buyers here are missing out on purchases.

Latest data from REINZ shows Gisborne had the nation’s lowest number of weeks’ inventory — six weeks — available to prospective purchasers, down three weeks from June 2018.

The last time Gisborne’s inventory level was that low was December 2018.

“The Gisborne region was one of three regions with the third lowest median days to sell, down three days from 33 days in June 2018 to 30 days in June 2019,” REINZ regional director Neville Falconer said.

“We are hearing reports that the lack of listings along with pre-approved and cash buyers is likely to be causing many first home buyers to be missing out on purchasing a property.

“As well, with only six weeks’ total inventory available, demand for good properties is highly likely to be pushing prices up. The median price increased by 1.8 percent from $330,000 in June 2018 to $335,780 in June, 2019.”

LJ Hooker Gisborne director George Searle said there had been a noticeable shortening of listings from May onwards.

“Some of this is as a result of seasonal fluctuations, but it is magnified as the demand has continued to strengthen.

“I would see the market being tight on listings for some time.”

Mr Searle suggested the market would probably not see much change from here.

“When capital gains were taken off the table and interest rates lowered our market experienced a further increase in values. For those wanting to sell over the next two years, now is probably as strong as we are likely to see. It is not uncommon to see between five and 10 people bidding on a single property at auction presently.”

Bayleys Gisborne sales manager Karen Raureti said the housing market was experiencing some “interesting times”.

“There is a low level of stock that is evident.

“We had record numbers of buyers through our open homes over the past weekend. We are experiencing multiple offers on a lot of our stock.

“Houses are sold due to them no longer being required or suitable. I believe it could be the lack of available sections for people to build on. People don’t have anywhere to go if they do want to upgrade or build new.

“We have some good stock coming to the market in spring though but we need more to satisfy demand, and there have been a few ridiculously cheap private sales we have heard of.”

With just 79 houses put up for sale last month, the Real Estate Institute says first-home buyers here are missing out on purchases.

Latest data from REINZ shows Gisborne had the nation’s lowest number of weeks’ inventory — six weeks — available to prospective purchasers, down three weeks from June 2018.

The last time Gisborne’s inventory level was that low was December 2018.

“The Gisborne region was one of three regions with the third lowest median days to sell, down three days from 33 days in June 2018 to 30 days in June 2019,” REINZ regional director Neville Falconer said.

“We are hearing reports that the lack of listings along with pre-approved and cash buyers is likely to be causing many first home buyers to be missing out on purchasing a property.

“As well, with only six weeks’ total inventory available, demand for good properties is highly likely to be pushing prices up. The median price increased by 1.8 percent from $330,000 in June 2018 to $335,780 in June, 2019.”

LJ Hooker Gisborne director George Searle said there had been a noticeable shortening of listings from May onwards.

“Some of this is as a result of seasonal fluctuations, but it is magnified as the demand has continued to strengthen.

“I would see the market being tight on listings for some time.”

Mr Searle suggested the market would probably not see much change from here.

“When capital gains were taken off the table and interest rates lowered our market experienced a further increase in values. For those wanting to sell over the next two years, now is probably as strong as we are likely to see. It is not uncommon to see between five and 10 people bidding on a single property at auction presently.”

Bayleys Gisborne sales manager Karen Raureti said the housing market was experiencing some “interesting times”.

“There is a low level of stock that is evident.

“We had record numbers of buyers through our open homes over the past weekend. We are experiencing multiple offers on a lot of our stock.

“Houses are sold due to them no longer being required or suitable. I believe it could be the lack of available sections for people to build on. People don’t have anywhere to go if they do want to upgrade or build new.

“We have some good stock coming to the market in spring though but we need more to satisfy demand, and there have been a few ridiculously cheap private sales we have heard of.”

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