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  1. #1
    Join Date
    Sep 2003
    Location
    High up above and deep down under
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    10,915

    Default Property listings fall in January for first time in four years

    Property listings fall in January for first time in four years

    NZPA | Monday February 1 2010 - 09:23am
    For the first time in four years the number of new properties listed for sale in January was less than that in December, real estate industry website Realestate.co.nz says.
    The figures were published today in the website's monthly report of market activity.
    Realestate.co.nz chief executive Alistair Helm said just 10,272 new listings came onto the market in January, down from 10,349 in December.
    It was the first time in four years that the January figure had been lower than December, with the New Year traditionally showing a strong lift in listings to take advantage of increased summer activity.
    Also, the national asking price in January fell to $405,040, a 1.8% drop from December's figure of $412,319, and a further slide of 3.5 percent from November's $419,586, Mr Helm said.
    The January figure remained 5.6% below the market peak of October 2007 when the asking price reached $429,033.
    Even with some vendors lowering their price expectations, buyers appeared to be biding their time in the expectation that prices would fall further in an increasingly crowded market.
    "The level of sales remains static, showing no significant improvement. As a result, the inventory level of unsold houses has shot up significantly, as measured by the number of weeks of sales necessary to clear properties on the market," Mr Helm said.
    In December, the inventory level was 34.3 weeks, but that jumped to 40.1 weeks in January, the highest since April last year.
    "All three key indices from the January statistics, ie asking price, new listings and inventory level, show an absence of expected seasonal swings. This lack of typical seasonality underscores the state of dormancy within New Zealand property, and further highlights the fact that it continues to be a buyers' market."
    http://www.nbr.co.nz/article/propert...r-years-117799
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  2. #2
    Join Date
    Feb 2008
    Location
    Melbourne, Australia
    Posts
    277

    Default

    Quote Originally Posted by muppet View Post
    Even with some vendors lowering their price expectations, buyers appeared to be biding their time in the expectation that prices would fall further in an increasingly crowded market.
    The possibility of higher property taxes in the May budget can't be helping the cause of REA's either.

  3. #3
    Join Date
    Jun 2005
    Location
    auckland New Zealand
    Posts
    5,236

    Default

    Not to mention the rapidly increasing unemployment figures

  4. #4
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

    Default

    And the weather has been far too nice to mess around buying and selling property!

  5. #5
    Join Date
    Feb 2008
    Location
    Melbourne, Australia
    Posts
    277

    Default

    Quote Originally Posted by drelly View Post
    And the weather has been far too nice to mess around buying and selling property!
    Very true. Who would be buying property when there are friendly dolphins swimming around our coast looking for playmates?


  6. #6
    Join Date
    Jul 2006
    Location
    Christchurch
    Posts
    302

    Default

    I go with the whether being the biggest factor as particularly the North Island (where the largest population lives) has had it bad in January.
    Scott Miller - Mortgage Broker
    Ph: 03 980 4541 M: 021 34 36 48
    AMS's website My email

  7. #7
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    said just 10,272 new listings
    10,349 in December
    77 Listing different BIG DEAL... Sounds totally normal to me... Until interest rates start going up later this year, 2 month in to that then it will be really interesting. IMHO.
    New Zealand's #1 Marketplace for Property Investors & Sellers!
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  8. #8
    Join Date
    Oct 2007
    Posts
    362

    Default

    How do the average selling times that agents quote match with 40 WEEKS stock?
    Agents quote average selling times in the vicinity of 32ish DAYS (local paper recently)
    If the two "facts" matched we would have approx 32 DAYS of stock
    The NZPA article quoted tells us we have over 9 MONTHS stock.
    Personal observations are that sales are happenning rather faster than slower around here. Lots of sold stickers over site signs and many ads within the prop press have 'sold' over them --usually a sign that agents think they are short of listings.

  9. #9
    Join Date
    Sep 2008
    Location
    Tauranga
    Posts
    1,518

    Default

    Hey guys when you check out trade me have a look at some of the listings. Some are a year old. This is bait catching stuff.

    I was looking at some yesterday and they are not on the market any longer because they have been sold.
    Wouldn't believe half of what I see and not much of what I hear.

    Here's another point of view as to why there are few listings.

    Obviously I live in a area where property sales are usually vibrant, fast growing area, jobs about and not a lot of spare housing around.
    We have noticed a huge upsurge in our work,(cleaning window treatments of all kinds.) So have the other people in this business.
    Now what does that tell us. Its tells us that people are sitting tight. Because I go into their houses on a daily basis I talk to people and here is why they are sitting tight.
    The banks are not lending money and the rhetoric around saving, deposits, interest rates, new taxes, job security and all the noise going on has people playing for saftey.
    Think about it. Would you sell your house that you can currently afford when the prospects of you buying another and being able to finance it are somewhat scary.
    Every time you sell you lose 5% of the selling price and at the moment that may well be depressed as well in many area's.
    You can sit tight, economise, take in a boarder, work some extra hours somewhere, claim your WFF and get through, but sell your house and you have to find a rental or another house you can afford. Rentals are tightening up again and new house starts are way down and are going nowhere for some time.
    Scary stuff for the average punter at this point in time.
    So look forward to this continuing for a while.

  10. #10
    Join Date
    Sep 2008
    Posts
    7,562

    Default

    have noticed a slow but continual decrease in new listings on trademe

    sellers are trying to get full price before the new measures come in while buyers are trying to get a discount to protect themselves from the new measures

    some days the entire auckland region produces just 1 or 2 new listings at the cheaper end of the market, where there used to be 10-20 or more

    some new listings are simply recycled old listings with the same boom time price expectations

    while others effectively should be new listings but don't register as such as the seller has edited the listing price and dropped it lower

    hint to sellers: new price, new listing
    have you defeated them?
    your demons


 

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