Just released data reveals that the average house asking price in Wairarapa for November was $734,470, whereas at the same time last year it was $758,487 – representing a year-on-year fall of 3.2 per cent.
Compared to October, when the average Wairarapa asking price was $769,434, November’s average asking price had fallen 4.5 per cent.
The national average asking price for November was $864,522.
Compared to November 2022, the 126 new listings in the region were a 2.3 per cent year-on-year decline, while Wairarapa’s total stock of 350 houses was down 5.5 per cent year-on-year.
Meanwhile, there are indications of a strong increase in demand in the region – searches per listing last month were up by 22.8 per cent on the same time last year, while engagements per listing had increased by 28.5 per cent year-on-year.
According to Vanessa Williams, a spokesperson for realestate.co.nz, the lift in the national housing market in November, when more than 10,000 new listings were added across the country – representing a 5.2 per cent year-on-year increase – is due to a combination of seasonal factors and market confidence.
Williams said the trifecta of government, economic, and OCR certainty has boosted market sentiment.
“Kiwis love certainty, which is why, with its reputation as a safe investment, we love property. Unsurprisingly, more stability in and out of the market gives people the confidence to buy and sell,” Williams said.
“We have moved away from the market’s covid-19 era, distinguished by peaks and troughs. I think it comes down to more confidence and certainty in the market, which we didn’t have during the pandemic.”
Throughout 2023, the national average asking price has remained flat at around $870,000, which Williams notes will be a confidence boost for buyers and sellers.
“When we see big fluctuations to average asking prices, it can make buyers and sellers hesitant to transact. More stability should help both parties feel more certain around what number to expect on that final sales and purchase agreement.”
