House Market shows signs of Recovery

A cautious murmur of optimism can be heard from some economists, property companies and estate agents: they are hoping that a slight upturn in house sales may herald the start of the recovery.

Two new reports, one from the Real Estate Institute and one from Crockers Property Group, offer the first signs that house prices may be rising.

The NZ Property Report, published by the Real Estate Institute and a group of big estate agencies, shows a sharp decrease in the number of properties listed for sale around New Zealand, an indication that the buyers' market of the past year may be turning to favour sellers.

And the Crockers report shows stronger sales in March, especially in Auckland, aided by population growth and expats coming home.

The reports come after Tony Alexander, the BNZ's chief economist, told buyers they shouldn't risk holding off in the expectation of lower prices.

The trends are far from certain, and most experts agree it's too early to confirm an upturn.

To read the full NZ Herald article click here

Posted: 3 May 2009

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