Auckland, Queenstown Seller’ markets
The realestate.co.nz website, in its latest NZ Property Report last Wednesday, has said that “the prolonged sluggishness of new property listings, which has been evident for nearly two years, has at last seen a tip in the balance of the property market from favouring buyers to favouring sellers.”
Although there was a one per cent rise from April to May on a seasonally adjusted basis, new listings were down by 3 per cent in April and 16 percent from a year earlier to 9898 in May, nationwide.
The number of new listings in the past year of 127,843 has gone down by 12 per cent compared to a year earlier.
Unsold homes were seen to have fallen 12 per cent from April and 1 per cent from a year earlier to 47 weeks in May.
realestate.co.nz said that a clearance was starting to be seen of what has seemed to be a high level of unsold houses on the market in the past 18 months.
The truncated mean asking price fell 4 per cent to $NZ414,308 or $A320,920.22 from a month earlier which has caused a degree of uncertainty among sellers.
The number of new listings in Auckland was up 3 per cent in April but it went down 11 per cent from a year earlier at 3,417. Meanwhile, the inventory went down by 11 per cent from April and down 20 per cent from May 2010.
As new house listings are slowly coming onto the market, the housing turnover improvement means that the total level of housing inventory has remained contained. This is according to ASB economist, Christina Leung. House prices continue to hold up reasonably well, consequently.
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Source: http://finance.ninemsn.com.au/newsbusiness/aap/8256019/auckland-queenstown-sellers-markets
