Home sellers now have upper hand, says new report

A shortage of residential house sale listings in Auckland, Wellington and Christchurch is an indication that home sellers have the upper hand over buyers, says a new report.

The monthly NZ Property Report released by realestate.co.nz says the change has come just ahead of the 'traditional spring upturn' in the property market.

"The arrival of spring typically signals a surge in residential property market activity, but with inventory levels low this year - particularly in the three largest centres - vendors may be encouraged to increase asking prices," said realestate.co.nz chief executive Alistair Helm.

However looking at August figures, Helm said an increase in prices had not yet been seen. August asking prices were little changed from July, which reflected a "stable market with no signs of heated property price inflation," Helm said.

The August 'truncated mean asking price' on realestate.co.nz was NZ$397,187, which was still 7 per cent below the peak of NZ$429,033 seen in October 2007.

To read the full NZ Herald story click here

Posted: 1 Sep 2009

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