House prices and new listings climb significantly

FOR IMMEDIATE RELEASE

House prices and new listings climb significantly in September as NZ property market shows signs of recovery

AUCKLAND, 1 October 2009 – Asking price expectations of vendors rose by 6% in the month of September to $419,841 as the New Zealand property market shows the first signs of recovery following six months of subdued price expectation. In addition, the number of new property listings for last month shot up by 19% compared to August, while year on year listings also grew for the first time in 2009.

The trend reversal is outlined in detail in the NZ Property Report, a monthly survey of market activity compiled by Realestate.co.nz, the country’s most comprehensive property listing website. The latest issue, covering September, has been released today.

As the economy slowly recovers from the impact of the recession, it appears sellers are more confident that buyers will be active in the market and willing to engage at a market rate for their property.

``While we always expect an increase in both the number of listings and the price expectations during the spring/summer period, this relatively large jump on both figures is a strong indicator of improved health in the property market,’’ observes Alistair Helm, CEO of Realestate.co.nz.

Growing confidence in the market, along with the traditional boom in property activity during the summer and the greater number of properties listed, could mean that the country is set for significant property transactions in the coming months.

Alistair Helm says, ``The available stock of properties for sale has risen again in September. This is a possible sign that sellers are confident of selling their property and could be the precursor to a decrease over summer in the length of time it takes to sell a property.’’

Helm said that the most significant stat to appear from the survey is the jump in asking prices, which can only be a good sign for the New Zealand property market, and hopefully the economy as a whole as the country steps out of the recession.

More analysis of the property market can be found on Realestate.co.nz’s Unconditional blog at: www.realestate.co.nz/blog.

About Realestate.co.nz
Realestate.co.nz is the official website of the New Zealand real estate industry, and provides the most comprehensive selection of listings across all categories of real estate. Realestate.co.nz lists over 100,000 properties at any one time, representing over 90% of all listings currently marketed by real estate professionals.

ENDS