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Mid Year Results ‘Spot On’ With Harcourts’

29 July 2005

Mid Year Results ‘Spot On’ With Harcourts’ Predictions

Assessing the property market’s first six months of 2005, Harcourts New Zealand CEO Bryan Thomson has noted in the latest issue of MarketWatch newsletter that, “Harcourts’ June 2005 figures consistently bear out the predictions of our earlier editions of MarketWatch.”

He added, “June is always a pivotal month of the year when assessing whether earlier predictions of market movement have been accurate or perhaps a tad pessimistic or overly optimistic.”

Mr Thomson said that the statistics showed that new listing numbers remain tight with many Harcourts offices and consultants continuing to report buyers in many locations frustrated at not being able to find their next property. “The number of written contracts for June 2005 was above June 2004 which shows buyers are very active in securing quality property as it hits the market.”

While average sales prices achieved by Harcourts were 15% above June 2004 showing “a market in very good heart”, Mr Thomson did however warn that offices were consistently reporting over-optimistic sellers having to face reality in regard to price to achieve their desired sale result.

“Our advice remains constant. Sellers must ensure their selected Consultant supplies accurate price feedback from the market to allow them to make educated and wise decisions. Those with over- optimistic price expectations will see buyers pass them by in favour of properties where sellers will meet the market.” He added that buyers needed to ensure they were ready to act rapidly with finance in place prior to entering the market as good quality properties were often sold before they could act.

“In conclusion, the figures show that our predictions for 2005 of a very solid market at similar activity levels to 2004 with some ongoing price increases were pretty much spot on!”

ENDS

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