The latest figures from realestate.co.nz show the number of homes being listed for sale are on the rise around the motu, while the average house price remains static.
The data reveals that new listings were up in March by 23.9% year-on-year in all regions except Nelson & Bays and the West Coast.
The rise in listings saw stock lifted back to levels not seen since 2015.
However, the report states that, "the national average asking price remained static in March, with modest growth of 2.9% over the last 12 months".
Sarah Wood, CEO of realestate.co.nz, believes the increase in supply is a return to normal after last year's "unusually low" figures.
"We might have been beyond Covid-19 lockdowns and border closures, but inflation was at a level not seen since the 1990s, and everyone was watching the Official Cash Rate for clues on interest rates," Wood said.
"Although these financial challenges haven’t gone away, relative price stability and return to ‘normal’ listing volumes indicate good property market resilience."
Wood also commented on the small changes in the national average asking price.
"Our national average asking price has grown modestly in the past year, fluctuating between $860,000 and $890,000.
"This seems to be a correction on the early 2022 peak when it neared $1 million," she explained.
One interesting data point saw the West Coast – known for having the nation’s lowest average asking price, according to realestate.co.nz – surpass the $500,000 mark last month for only the second time in the 17 years since records began.
A reduction in auction sales also signalled the market was turning towards buyers.
"Auctions are a sign of strong seller confidence, so the reduction of auction listings combined with increased stock levels are early signals that buyers could have more leverage in negotiations," Wood said.
"There also remains ample opportunity for sellers. My advice for those looking to transact property is to surround yourself with experts who will be able to market your property well."
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