Housing market continues to grind along the bottom

The latest figures from Realestate.co.nz suggest the housing market continues to grind along the bottom over winter. The property website received 6218 new residential listings in June, down 21.2% compared to June last year and down 17.6% compared to pre-Covid levels in June 2019. However, buyers will still have plenty to choose from, with the total amount of stock available for sale on the website remaining at elevated levels. However, the stock levels in June this year were up by 78% compared to June 2021 and up by 4.9% compared to pre-Covid levels in June 2019. "We may see this pent up supply hitting the market later in the year."