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House listings dive 34%

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  • House listings dive 34%

    House listings dive 34%

    Jazial Crossley | Friday May 1 2009 - 11:12am
    Residential building consents aren’t the only thing falling in the property industry lately.
    New house listings from across the country plummeted by 34% in April 2009 from April 2008, yet asking prices remain unchanged.
    Data released today from online listing company realestate.co.nz reveals that only 10,452 new listings were processed in April 2009, a 21% slump from the previous month..
    The website’s listings represent 93% of all licensed real estate agents in New Zealand.
    Realestate.co.nz chief executive Alistair Helm says that the New Zealand property market has been a buyer’s market for eighteen months now.

    “However this is a significant drop in new listings prior to winter,” Mr Helm says.
    “The reduced inventory will start to favour sellers, and could result in upward pressure on prices in coming months.”
    Nelson was the strongest market for new listings in April 2009, with only a 5% dip recorded.
    Residential listings in Northland suffered the most, with a 56% drop last month from April 2008.
    Barfoot & Thompson director Peter Thompson says that his firm experienced a drop in listings in April, with 1,069 new properties on its books compared to 1,393 in March.
    “There is a lack of good stock on our books. At the end of April we have the lowest listings we’ve had since December 2007,” says Mr Thompson.
    The real estate company traditionally experiences listings easing in April from March. In 2007 it had 1,920 new listings in March and 1,521 in April. In 2008, it had 1,843 new listings in March and 1,590 in April.

    “It is a seasonal thing traditionally as we go in to winter but we had hoped with themarket in such a quiet period we might have the good months of March and February to continue through. There are signs the market has slowed,” says Mr Thompson.
    Despite less listings, the asking price vendors listed was up slightly on March 2008.
    “The truncated mean asking price was $405,936 in April compared to $405,710 in March,” Mr Helm says, adding that the truncated mean system is realestate.co.nz’s new approach after consultation with economists.
    “The new measure provides a more accurate measure of price, decreasing the influence of extreme values which can distort the more traditional measure of average price,” says Mr Helm.

    The National Business Review Online is New Zealand's authority in breaking business news and analysis.
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