A collapse in buyer interest has seen the number of homes listed on Realestate.co.nz swell by 108% in August compared with a year earlier. In turn, the number of homes on the market stands at a seven year high for that time of year. Fast forward to today and we’ve seen stock double year on year, which is starting to be reflected in asking prices,” Realestate.co.nz spokesperson Vanessa Williams said. Meanwhile, the Reserve Bank of New Zealand (RBNZ) has released mortgage data showing that buyer demand has well and truly collapsed. Accordingly, home buyer demand should remain weak and house prices should continue to fall.

Source: Stuff September 08, 2022 04:48 UTC