According to Barfoot and Thompson, Auckland currently boasts its largest housing inventory in over a decade. At the end of February, the real estate giant reported 5,382 homes available for sale across the region, marking a notable increase of 20.7% compared to the previous three months and 10.4% from the same period last year.

Managing director Peter Thompson highlighted that this inventory surge, the highest since April 2011, was driven by a significant influx of new listings, with 2,255 properties added in February alone. He noted that this abundance of options has created the most favorable conditions for buyers since 2011, attributing it to several factors including a rise in new listings, homeowners proceeding with relocation plans as the market rebounds, and the typical caution of buyers regarding pricing and mortgage rates.

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Thompson emphasized the exceptional depth of choices available to Auckland home buyers, a trend that has been building since August and has now reached unprecedented levels. Despite this, sales remained robust, with 633 transactions recorded in February, representing a substantial increase of 54.4% from the previous year.

While an increase in housing inventory often leads to price declines due to a surplus of supply, Thompson noted that this is not currently the case, with the average price rising by 3% from January to $1.11 million in February. However, the median price saw a more modest increase of just 0.4% from January and a decrease of 5.2% from the previous year, amounting to $970,000.

Regarding rural and lifestyle properties, Thompson reported a steady start to the year, with February seeing sales totaling close to $40 million, marking a 25% increase from the same period last year. He anticipates a robust selling season through autumn, particularly with a large number of lifestyle properties being listed.

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Similarly, reported a substantial uptick in housing listings in Auckland, with 11,570 homes listed for sale on their platform in February, reflecting an 11% increase from the previous year. New listings surged by 64% compared to last year, contributing to a national increase in housing stock of 8.1%, totaling 31,424 homes for sale across the country.

Spokesperson Vanessa Williams characterized this increase in listings as indicative of a confident market, signaling a positive outlook for the housing sector.

Property listings hit an 8-year high – | FULL REPORT