Buyer confidence far from bullish

New listings on the website last month slumped to a record low.

Just 6,156 new listings came on to the market nationally– about half the number in 2007 when realestate.co.nz records began.

Comparatively, total stock was up 2.8% year-on-year last month, reaching levels not seen during any July month since 2015. Last month 27,091 homes were on the market: 2.8% more than in July last year.

New listings were at an all-time low in all regions except Marlborough which rose 12.5% year-on-year. Realestate.co.nz spokeswoman Vanessa Williams says the small regional market is prone to fluctuations, with just 72 new listings hitting the market in July, unusually low when compared to July last year. Listings were down 17.6% nationally, and 10 of 19 regions realestate.co.nz monitors had a drop of new listings by more than 20% year-on-year.