Property listings surge, sales stall

The number of new properties on the market surged in February but with buyers "cagey", the number of unsold houses across the country ballooned, the real estate industry says.

Listing website Realestate.co.nz reported today in its monthly NZ Property Report that the number of new properties listed on the market in February surged by 47 per cent from January to 15,129, the highest level since April 2008.

But with sales volumes static, the number of unsold houses across the country ballooned to 54,381, and at current sales levels the backlog would take 48 weeks to clear.

Realestate.co.nz chief executive Alistair Helm said February traditionally saw a jump in new listings, but the rise last month was the largest monthly increase since the online property portal was launched more than three years ago.

More significantly, the expectation of sellers was not matched by sluggish sales volumes which remained static. As a result, the inventory level of unsold houses, as measured by the number of weeks of sales necessary to clear properties on the market, had jumped further to 48.2 weeks, said Helm.

To read the full NZ Herald article, click here

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