Auckland now a buyer’s market

Stuff reports:

Auckland has officially become a property buyer’s market, according to industry website realestate.co.nz.

The website calculated that last month it would have taken 24 weeks to sell all the houses for sale in Auckland, if no other listings were added to it.

The city’s long-term average is 23 weeks, meaning the market has technically turned the corner from a seller’s to a buyers market – the first time since February 2011, nearly 7 years ago.

The signs have been there for the past year that the market was stabilising.