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Private Property Sales: Correction

14 June, 2006
Correction, for Immediate Release

A press release issued by HomeSell yesterday announced 23 per cent of real estate sales in New Zealand are being made without a real estate agent. HomeSell confirms QV was not the source of this figure.

HomeSell managing director Kirsty Gillespie says the information was taken from a media article published last weekend which compared the total number of real estate sales stated by REINZ, with the total number of property sales quoted by QV, and concluded the difference of 23 per cent as being private sales.

QV says it is difficult to quantify the exact number of private sales each year as the information is not recorded at the time of a sale and the total property sales quoted by QV includes not only residential but also farms, commercial, industrial, rural lifestyle and house-and-income properties.

Ms Gillespie was interviewed on Saturday and estimated the number of private sales to be close to 15 per cent having almost doubled from eight per cent in 2001.

ENDS

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