New property listings still in decline

The number of new property listings declined for the third month in a row, with listings in May dropping a further 5 per cent on April, according to the property website Realestate.co.nz.

The website's monthly NZ Property Report showed only 9993 new listings were added to the market in May, 29 per cent down on the same figure for May 2008, said chief executive Alistair Helm.

The asking price for new listings of $401,196 was down 1 per cent on the previous month and down 6 per cent from the market's peak in October 2007. The figures showed the market was reaching a healthier state.

It was dormant for most of 2008 when there were a lot of properties just sitting on the market, Mr Helm said.

The prices were softening rather than collapsing, he said.

To read the full NZ Herald article click here

Posted: 2 Jun 2009

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