New listings fail to provide spring property lift

The New Zealand property market has plateaued, as a rise in new listings failed to provide a much needed boost to the market last month.

Realestate.co.nz's October Property Report shows 11,911 properties came onto the market last month, up on the number of listings recorded during September, but a 12.1 per cent fall when compared to the same month last year.

The combined total of properties listed in August, September and October (the traditional spring lift period) was 32,274, marking a 12.5 percent fall from the same time last year.

Spring is traditionally a pivotal time in the property market, as better weather returns and more houses are listed.

However today's data suggested a stagnant climate that could last for months, Realestate.co.nz chief executive Alistair Helm said.

"If a property hasn't listed by now, it's unlikely that it will before the Christmas period.

To read the full NZ Herald article, click here

Posted: 1 Nov 2010

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