- Houses on the market have reached a critically low level, forcing real estate agents to cut fees and compete harder for listings.
The latest figures from the Real Estate Institute show the number of houses on the market is 41 per cent lower than it was a year ago with Wellington and Hawke’s Bay having less than eight weeks’ supply. Auckland has 10 weeks’.
“There’s no question the major feature of the real estate market is the tightness of listing stock right around the country,” REINZ spokesman Bryan Thomson said.
He expecting property listings to rise in the spring, but demand in the major centres had been such that the last couple of years had not been “normal” at all.