Aucklanders holding on to their houses

Real estate agency Barfoot & Thompson, which says it sells one in three Auckland houses, has suffered its worst new-listing drop in a decade.

Director Peter Thompson said 975 properties were listed during January - the lowest number in 10 years, and well down on the 1558 properties listed last January and the 1262 in the January before that.

The company had just 6758 properties for sale last month, the lowest number in a year.

Vendors fearing big losses on their house sales are thought to be responsible for the drought as they refuse to test the market.

"Many people have made the decision to hold properties rather than sell. People are saying, 'It's going to fall, why put it on when it's going to fall?"' Mr Thompson said.

Prices are also down on Barfoot's record set in 2007 when the agency recorded an average sale price of $550,000.

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Posted: 5 Feb 2009

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