WELLINGTON, Nov. 6 (Xinhua) -- New Zealand's property market showed signs of slowing in October as sellers and buyers adopted a cautious approach ahead of Saturday's general election, industry data showed on Friday.
According to data released by realestate.co.nz, New Zealand's online property listing website, new listings fell 4.5 percent year on year, while available housing stock rose 11.4 percent to its highest October level in more than a decade, suggesting both vendors and buyers were delaying decisions amid economic and political uncertainty.
Auctions accounted for 22.1 percent of new listings in October, down from 26.2 percent a year earlier and 28.3 percent during the October 2023 election period. Auctions have fallen to their lowest October share in seven years, data showed.
Sarah Wood, CEO of realestate.co.nz, said auctions can be a sign of vendor confidence in the property market. The decline in auction activity pointed to sellers taking a more cautious approach, with wider economic challenges and global uncertainty also weighing on confidence.
New listings declined in 11 of New Zealand's 19 regions. Auckland, the country's largest city, recorded a 7.9 percent annual fall, while Coromandel and Northland on the North Island saw declines of 16.1 percent and 15.2 percent, respectively. The South Island bucked the trend, with listings rising 13.1 percent in Otago, according to the website.
The national average asking price fell 2.7 percent year on year to 840,380 NZ dollars (about 468,188 U.S. dollars) in October. Auckland prices declined 5.2 percent to 984,527 NZ dollars, while Otago recorded the strongest regional increase, rising 13.2 percent to 646,871 NZ dollars, statistics showed. ■