The New Zealand property market is running hot, with properties selling as quickly as they did during the 2016 housing boom, according to the latest Trade Me Property data.

Trade Me Property spokesperson Logan Mudge says the site has analysed the time a property spends onsite to determine how quickly they're selling.

'This time last year, the average time onsite for a property in New Zealand was 53 days.

'However, in the past month, we have seen this drop to just 39 days. That's a 26 per cent drop, it's absolutely incredible we're seeing a rush to buy like this in the midst of a recession.

'Spring is always a popular time for both buyers and sellers to hit the property market, but we haven't seen movement like this in a very long time.

'Anecdotally, we are hearing of deadline sales, tenders and auctions being brought forward to meet demand as buyers are desperate to secure a property, and our data is backing this up.”

Logan says increased demand is behind the drop.

'In August, nationwide demand for properties for sale was up by 19 per cent when compared with the same month last year, with all regions seeing more prospective buyers. Supply, however, dropped by 3 per cent year-on-year in August, with most regions seeing less properties coming onto the market.

'Faster sales don't mean you miss out on price either. It's a bloody great time to be selling your house - demand is extremely high right across the country and supply isn't keeping up which means potential buyers are having to put their best foot forward.”

Regional New Zealand sees biggest drop in length of listings

The biggest year-on-year percentage changes were seen in the regions with properties in the West Coast (-38 per cent), Taranaki (-33 per cent) and Marlborough (-33 per cent) all seeing huge drops in time onsite.

'Nelson/Tasman also saw an impressive 32 per cent drop in the average number of days properties were listed onsite in the last month.

'We reckon there are a few factors at play contributing to this. There will be a number of Kiwis who have become accustomed to working from home after the lockdown who now see it as a viable option long term. They can get more bang for their buck by buying a property outside the main centres and setting themselves up to work away from the city.

'We also think that with the borders closed for the foreseeable future, more Kiwis could be considering buying a holiday home in the likes of Nelson/Tasman and Marlborough. There's also the ‘brain-gain', with many Kiwis coming home to escape the global pandemic needing houses and pushing up demand.”

Logan says the only regions that did not see year-on-year increases were Otago and Southland.

'These regions actually saw listing durations increase by 15 per cent and 22 per cent respectively, while Gisborne, saw no change in average listing duration.”

Notes: The average time onsite was analysed from 27 August to 27 September 2020.