Harcourts also recorded buoyant sales for May, with sales volumes 35 per cent higher than the same time last year. Chief executive Bryan Thomson said the market had started to move at the bottom, which had caused a flow-on effect right across the price ranges including the $1m-plus range.

Vendors putting their houses on the market at "yesterday's prices" had little chance of selling. But homeowners who understood the market and were prepared to list their homes at today's prices would attract good interest because of the lack of housing stock available.

Barfoots' managing director Peter Thompson said there had been a noticeable increase in demand for homes in the more established suburbs.

Karin Cooper, Barfoots' top residential salesperson last year, said many of her clients were sick of renting. "New Zealanders like to own their own homes."

Buyers had "heard all the doom and gloom," had waited and watched the market and were now ready to buy, she said. Clients she had seen a year ago had decided to wait but were now house hunting. At the same time vendors were becoming more "realistic" with their pricing.

The past fortnight has been busy for Cooper after selling a Mission Bay home for just over $1m, a Glendowie townhouse for $1.28m, a new St Heliers townhouse for $1.335m, a character home in Glendowie for $1.206m and a large, new Mission Bay home for $2.82m.

To read the full NZ Herald Article click here

Posted: 7 Jun 2009

News articles