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"Fair Marketplace" With Steady Results

NEWS RELEASE
Harcourts CEO Reports “Fair Marketplace” With Steady Results


A “fair marketplace” with ongoing steady results was the main characteristic of Harcourts’ business nationwide in the month of February 2006, according to Harcourts New Zealand CEO, Bryan Thomson.

Commenting in the March issue of Harcourts MarketWatch newsletter which reports on Harcourts’ February business activity, Mr Thomson noted February 2006 produced a number of Harcourts statistics worth highlighting:

- “All markets outside Harcourts’ Northern region (encompassing from Auckland City to the top of the North Island) demonstrated a significant lift in the number of properties available for sale.

- The lower North Island and the South Island provincial areas experienced sales activities similar to February 2005 while the rest of our country saw levels well below the 2005 records.

- Average sales prices remain above last year; however, the percentage difference is reducing.”

Mr Thomson said that what these statistics meant for property buyers and sellers was that sellers were experiencing increasing competition to secure a buyer. “Sellers must have realistic price expectations, prepare properties well, and invest in quality marketing to make their property stand out in the more crowded pages of property publications.”

He added that with the reduced number of sales and the average price level becoming more stable similar to 2005 levels, sellers and buyers could be confident in the current “very fair marketplace” with more choice for buyers and good demand for realistic sellers. “Overall a much easier situation for all to operate in than the heady days experienced over recent years.”

Referring to speculations of price falls in 2006, Mr Thomson concluded, “Be wary of those with an agenda who make predictions to reflect what they want to happen. If price movement predictions were that accurate, I’m those commentators would have also predicted the huge rises experienced over recent years and invested heavily in property to back their own judgment!”

ENDS

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