Property asking prices stabilise in August

Property asking prices stabilise in August as new listings continue to decline

Stock of unsold houses falls in main cities but provinces still experiencing high inventory

AUCKLAND, 1 September 2010 – The average asking price of sellers crept up slightly in August as new listings fell further and the number of unsold houses in provincial New Zealand remained high. The new data was released today in the latest NZ Property Report, a monthly report of market activity compiled by Realestate.co.nz, the country’s most comprehensive property listing website with more than 118,000 listings. The latest issue, covering August, is published on www.unconditional.co.nz, the news and information website for New Zealand real estate.

The three main centres have demonstrated again in August that New Zealand is a two-speed property market; all have inventory levels closer to their normal long-term averages than the provinces, and along with Nelson and Otago represent the most balanced property markets. And for the first time since 2009, Christchurch in particular has reached that tipping point that favours neither buyers nor sellers.

Alistair Helm, CEO of Realestate.co.nz says, “Those that are selling are confident in their pricing and ability to sell over time and they are not panicking. Instead sellers are remaining calm, waiting out the lull before the more active market that traditionally arrives with Spring. Large inventory of unsold houses is the problem in the market that won’t go away, although in the cities we’re starting to see that change.”

With consolidated long-term data indicating 38 weeks to be the national threshold between a market favourable to either sellers or buyers, current inventory levels continue to show that most parts of New Zealand remain a buyer’s market.

Go to www.unconditional.co.nz for the full NZ Property Report.

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 more than 118,000 properties, representing more than 95 percent of all listings from licensed real estate agents.

ENDS

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