Housing market off to a slow start for spring

The housing market appears to have had a fairly quiet start to the spring selling season with new listings, stock levels and average asking prices all rising slightly compared to August. Property website Realestate.co.nz received 7812 new residential listings in September, up from 7444 in August (+4.9%) and barely changed from the 7881 (-0.9%) it received in September last year. There was the lowest ever number of new listings for the month of September in nine regions last month: Waikato, Gisborne, Hawke's Bay, Manawatu/Whanganui, Wellington, Wairarapa, Central Otago/Lakes, Otago and Southland. "What's interesting this year is that we are seeing a softer start to spring than expected," Realestate.co.nz spokesperson Vanessa Williams said. "The election, suspected post-election Reserve Bank movements, and interest rate rises, appear to be dampening the influx of new listings that warmer weather usually brings to market," she said.