Stock shortages, prices boom

The national average asking price is up 20.2%, and the stock squeeze continues with 33.3% fewer properties available compared to June last year, new data from property website realestate.co.nz shows.

On average, Kiwi homes are costing nearly $150,000 more than they did this time last year and there aren’t any signs to suggest it will slow down, particularly as there are fewer than 14,000 homes available to buy.

In April 2008, at the height of the market, there were 60,000 houses on the market for home buyers.

Fifteen from New Zealand’s 19 regions hit 14-year record high asking prices in June, as stock challenges continue to put pressure on the property market.