Property glut creating 'buyers' market' - property website

New Zealand's housing market remains in negative territory with an escalation of new listings adding to a glut of homes already on the market.

More than 14,000 new listings were added to the New Zealand property market in March, bringing the number of unsold homes to 55,623.

Current estimates by realestate.co.nz are that it will take more than a year to clear the available stock based on current sales rates.

Realestate.co.nz chief executive Alistair Helm said vendors needed to have realistic expectations of what their property was worth in the current market.

"Sellers appear to be in denial as the asking price for new property listings in March rose slightly and is now only one per cent below the peak of the market back in October 2007."

To read the full NZ Herald article, click here

Posted: 1 Apr 2010

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