The huge amount of houses on the market means buyers have plenty of option, but sellers still hold the reins in Canterbury.

According to data from realestate.co.nz, property stock – the number of properties for sale – is up 70.8% around the country compared to this time last year. The property listing website has declared Wellington and Auckland buyers' markets, with prices falling and the average time to sell increasing. Hawke's Bay, Otago, and Manawatū/Whanganui are all likely to follow suit this month, but Canterbury is holding strong for sellers, and prices held more or less steady in the region through April.

Vanessa Williams, spokesperson for realestate.co.nz, says buyers are getting a bit more breathing room after a couple of years of having to move quickly to secure property. "These stock increases likely mean there is less of a rush for buyers to make decisions."

The number of new listings in Canterbury was down 6.3% compared to April last year, indicating that vendors may be hesitant about selling in a market with already-high numbers of listings. With the sale price holding steady at a historically high rate 31% higher than this time last year, there are still good prices to be had for patient sellers with great properties. The market may have returned to a more normal state after last year's boom, but there is still demand for housing in Christchurch and Canterbury.

TIPS FOR SELLING YOUR PROPERTY in May 2022

1. List while prices are still hot in Canterbury

2. Be patient. The right buyer might take a little longer to come along, but they're out there

3. Get advice from a quality real estate agent for realistic pricing and sale expectations

4. Consider staging and marketing to compete in the busy market

5. Sell at auction to get the best price on the table