Kiwi houses

PHOTO: Homes are selling as quickly as they did during the 2016 housing boom, according to TradeMe. File photo.

The New Zealand property market is running hot, with properties selling as quickly as they did during the 2016 housing boom, according to the latest Trade Me Property data.

Trade Me Property spokesperson Logan Mudge says the site has analysed the time a property spends onsite to determine how quickly they’re selling.

“This time last year, the average time onsite for a property in New Zealand was 53 days.

“However, in the past month, we have seen this drop to just 39 days. That’s a 26 per cent drop, it’s absolutely incredible we’re seeing a rush to buy like this in the midst of a recession.

“Spring is always a popular time for both buyers and sellers to hit the property market, but we haven’t seen movement like this in a very long time.

“Anecdotally, we are hearing of deadline sales, tenders and auctions being brought forward to meet demand as buyers are desperate to secure a property, and our data is backing this up.”

Logan says increased demand is behind the drop.

“In August, nationwide demand for properties for sale was up by 19 per cent when compared with the same month last year, with all regions seeing more prospective buyers. Supply, however, dropped by 3 per cent year-on-year in August, with most regions seeing less properties coming onto the market.

“Faster sales don’t mean you miss out on price either. It’s a bloody great time to be selling your house – demand is extremely high right across the country and supply isn’t keeping up which means potential buyers are having to put their best foot forward.”

Regional New Zealand sees biggest drop in length of listings

The biggest year-on-year percentage changes were seen in the regions with properties in the West Coast (-38 per cent), Taranaki (-33 per cent) and Marlborough (-33 per cent) all seeing huge drops in time onsite.