December house listings lowest for four years - website

Monday 3rd January 2011 2 Comments

A drop in house prices for December and a decline in properties listed for sale, is good news for home buyers, a property website says.

Realestate.co.nz's New Zealand property report said December listings hit an all-time low and asking prices continued to drop, easing as the market relaxed into summer.

There were 8924 new listings in December, a drop of 14% on December 2009 and the lowest number for four years.

The mean asking price for the new listings added in December also fell slightly from the previous month to $415,750, from $417,660.

Realestate.co.nz chief executive Alistair Helm said the low level of new listings would ease pressure on inventory of unsold houses, which have risen for six months in a row.

December was a traditionally a low listings month as vendors were keen to list before the Christmas season in October and November or leave it until January or later, Helm said.

NZPA

Comments from our readers

On 3 January 2011 at 11:57 am Ange said:

why does phil goff want more houses built? hes an i****. waiting to see house prices at 1980 levels:)

On 4 January 2011 at 7:25 am kevin brown said:

Given that we often follow US trends with a sustantial time delay what are chances of a similar price drop to theirs ie 30%.I hope not but its a scary thought.