new zealand property market sees surge in listings
News Posted On: 06 October 2011
Spring has arrived in New Zealand, and in spite of the Rugby World Cup proving a distraction for some, we have seen the traditional increase in the number of property listings.
This time of year often sees an increase in the average asking price, but the increase this year was far stronger than normal at around $10,000. As yet there aren't any final selling prices available for homes put up for sale last month, but sales figures for the previous month show a considerable disparity between asking prices and selling prices.
The average asking price in August was around $415,000, but the average price achieved was just $363,000 which is a gap of nearly $52,000. This is up from a gap of $42,000 in July.
This means that even though asking prices have increased by 3% during the last year, the average sale price has increased by just 1%. This is in spite of some of the lowest mortgage rates seen since the 1960s, and their looking set to stay low well into 2012, due to continuing uncertainty over the global economy and the debt crisis in Europe.
The New Zealand property market set the world alight with its resilience against the downturn, but the picture has looked much less certain. In 2009 prices in the country grew by between 15 - 20 percent depending on which data you read, and we can see that this has slowed considerably this year. This of course is good news though, because it represents that the market may be stabilizing on a soft landing, rather than experiencing a crash.
View property for sale in New Zealand
Written by Les Calvert
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