new zealand property market favours seller
News Posted On: 15 June 2011
A recent turnaround in the New Zealand property market has seen the balance of power shift from buyers to sellers, according to a report from Real Estate New Zealand.
The property market in Auckland was particularly strong at the end of summer, and has left inventory levels at below average. By the end of May the average property was taking 45 days to sell, with properties in Auckland taking just 36 days to sell.
In fact there is growing concern about the shortage of property for sale in Auckland as there are signs of pressure building in certain parts of the city. There are also signs of a shortage of listings in a number of other regions.
The asking price of properties was reduced slightly in May across most regions with just seven showing slight increases, but this is more likely to be due to a seasonal adjustment, and reflects the lower number of buyers in the market.
The number of new listings on the market has fallen by 16% year-on-year, and there were 48,352 unsold houses at the end of May, down from 51,980 in March. Just five regions showed declines of more than 5% in asking prices, including Wellington and Queenstown Lakes, and both of these regions have low levels of inventory. According to the report this indicates caution and a low level of inflation expectation amongst sellers, while concerns about finance may still be holding back buyers. The number of new listings is also weak in the Canterbury region due to the recent earthquake.
View New Zealand property for sale
Written by Les Calvert
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