Property market 'sluggish'

The NZ property market continues to be in a "dormant" phase, according to a monthly report from realestate.co.nz.

Fewer new listings are coming on to the market, and sales are subdued, the report says.

While the sales figures show year-on-year growth, they are still lagging behind historical averages.

Total sales for 2009 were just 69,000 - up from the 2008 level of 56,000 - but far from the mid-2000s levels of around 100,000.

January saw just over 10,000 new listings coming onto the market; the first time in four years that the January figure has been lower than December.

The start of the new year traditionally shows a strong lift in listings which seek to benefit from summer activity in the market. The 2010 year started with a two per cent decline in new listings.

To read the full NZ Herald article, click here

Posted: 2 Feb 2010

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