Property figures show battered market may be stabilising

New Zealand's battered residential property market is showing fresh signs of stabilising, says the Real Estate Institute, which has released new figures showing median prices up in April and the average time taken to sell falling.

Institute president, Mike Elford said the figures "reinforce a certain level of stability in relation to price and turnover", and were pleasing particularly as April was traditionally a slower month due to school holidays and seasonal adjustments.

The total number of homes sold nationwide in April (6,210) was down on the March 2009 figure of 6,694 but still well up on the February total: 5,228. This compares with 4,450 in April last year - a pleasing trend, said Elford.

ASB Bank chief economist Nick Tuffley said low mortgage rates had "finally tempted more buyers back into the market."

The level of housing turnover had recovered to levels last seen in late 2007, just under the 15-year average house sales rate. Barfoot and Thompson figures for the Auckland region pointed to the likelihood of a strong nationwide pick-up.

To read the full NZ Herald article click here

Posted: 12 May 2009

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