Agents jump in sales slump
By CHRIS GARDNER - Waikato Times | Thursday, 12 June 2008
Real estate agents are leaving the industry as the house sales slump bites with nearly a fifth of the Waikato's agents not renewing their licences by the end of March.
The Real Estate Agents Licensing Board says of 3159 agents registered on March 31, only 2584 renewed their licence. Registrar Diane Rawlinson told the Waikato Times the 18 per cent drop was one of the biggest falls the board had seen.
Between March 31 and May 31 a further 78 real estate agents registered in the Waikato, pushing the number operating up to 2662, but still 497 behind last year's total.
The Waikato Times reported this week that one agency, Re/Max, had closed its Rostrevor St, Hamilton, doors.
The fall in agents is mirrored in the slump in the number of sales, though in the Waikato the median price paid by buyers slipped only slightly. The number of sales in the Waikato-Bay of Plenty in May was 582. In May last year it was 1664.
Nationally, 17,757 agents renewed their licences at the end of March but almost 4000 did not.
Agents rely on a commission for each house sold. Declining sales have forced many, often those new to the industry, to look for other work.
Richard Lindsay, manager of Lodge Real Estate's Hamilton branch, was not surprised to hear of the drop.
"It's pretty reflective of what's happening in the market," he said.
Figures released by the Real Estate Institute of New Zealand yesterday showed a 53 per cent slump in the number of sales nationally over the past year. While residential prices stood relatively still in May, and are down 1.4 per cent on a year ago. Figures from the Real Estate Institute's monthly survey show May sales numbers nationally down to 4373 against 4464 in April and 9285 a year ago.
REINZ President Murray Cleland described the market as treading water and showing signs of levelling off from what had earlier looked like an unpleasant trend.
"When you look at April and May together it seems that the market is finding a new level, albeit a very low one in terms of sales," he said.
In the Waikato/Bay of Plenty 582 houses sold in May for a median $310,000, down on the 630 in April and 1364 last May. In Hamilton 160 houses sold in May, compared to 149 in April and 289 a year ago.
By CHRIS GARDNER - Waikato Times | Thursday, 12 June 2008
Real estate agents are leaving the industry as the house sales slump bites with nearly a fifth of the Waikato's agents not renewing their licences by the end of March.
The Real Estate Agents Licensing Board says of 3159 agents registered on March 31, only 2584 renewed their licence. Registrar Diane Rawlinson told the Waikato Times the 18 per cent drop was one of the biggest falls the board had seen.
Between March 31 and May 31 a further 78 real estate agents registered in the Waikato, pushing the number operating up to 2662, but still 497 behind last year's total.
The Waikato Times reported this week that one agency, Re/Max, had closed its Rostrevor St, Hamilton, doors.
The fall in agents is mirrored in the slump in the number of sales, though in the Waikato the median price paid by buyers slipped only slightly. The number of sales in the Waikato-Bay of Plenty in May was 582. In May last year it was 1664.
Nationally, 17,757 agents renewed their licences at the end of March but almost 4000 did not.
Agents rely on a commission for each house sold. Declining sales have forced many, often those new to the industry, to look for other work.
Richard Lindsay, manager of Lodge Real Estate's Hamilton branch, was not surprised to hear of the drop.
"It's pretty reflective of what's happening in the market," he said.
Figures released by the Real Estate Institute of New Zealand yesterday showed a 53 per cent slump in the number of sales nationally over the past year. While residential prices stood relatively still in May, and are down 1.4 per cent on a year ago. Figures from the Real Estate Institute's monthly survey show May sales numbers nationally down to 4373 against 4464 in April and 9285 a year ago.
REINZ President Murray Cleland described the market as treading water and showing signs of levelling off from what had earlier looked like an unpleasant trend.
"When you look at April and May together it seems that the market is finding a new level, albeit a very low one in terms of sales," he said.
In the Waikato/Bay of Plenty 582 houses sold in May for a median $310,000, down on the 630 in April and 1364 last May. In Hamilton 160 houses sold in May, compared to 149 in April and 289 a year ago.
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