The post-election housing market sugar hit has worn off, according to realestate.co.nz's latest property report.
There were 346 new homes on the Bay of Plenty market in December 2023 - falling 6% from December 2022.
Nationwide new listings also experienced a year-on-year drop - down 6.4% to 4,828 new listings nationally.
“The summer break brings a different rhythm to the property market. We typically see a natural slowdown as people focus on festivities, time with their loved ones, and getting away to the beach, " says realestate.co.nz spokesperson, Vanessa Williams.
Williams says while it’s not unusual to see a December dip, the decrease is more significant than usual.
"Some vendors may be holding off on listing until the New Year because they aim to sell via auction, which is typically rare during the Christmas break. Selling via auction has been rising in popularity in recent months." Williams says.
Bay of Plenty average asking prices also saw a considerable end-of-year dip - recording $919,074 in December 2023.
It's down 1.6% compared to November 2023 and down 3.3% from December 2022.
According to realestate.co.nz, Whakatāne's average asking price jumped 33% year-on-year to $829,000. Ōpōtiki's average asking price rose 15% year-on-year to $673,000, whereas Kawerau dropped 10% year-on-year to $412,000.
Image: realestate.co.nz
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