The combination of high listing numbers, elevated stock and shifts in the median sale price adds up to increased housing activity, REINZ's February data show.
Stock levels had a year-on-year increase, resulting in a growing inventory of available properties for sale. Coupled with median sale price growth in some regions, agents are seeing more investors and first-home buyers at open homes.
REINZ recorded 5,693 residential sales in February, up 37.9 per cent compared with February last year and up 81.8 per cent compared with January this year. While this is a significant improvement on last year, the latest figures suggest the market remains in a slump as the sales were the second lowest for the month of February since 2011.
New Zealand's inventory levels have increased 8.1 per cent from 29,083 to 31,424 properties year-on-year.
Gisborne had a large increase in properties sold, up 264 per cent year-on-year. All regions except the West Coast had a rise in activity and in 14 of 16 regions the sales count year-on-year has increased by more than 20 per
