Spring sales surge for housing market

The average asking price for properties being put on the market rose during September.

Figures released this morning by Realestate.co.nz show the average asking price rose was $425,565.

There were also more than 11,000 new listings in the month, which was a jump of 10 per cent from August.

Realestate.co.nz chief executive Alistair Helm said sellers were clearly looking to capitalise on the higher demand for property.

"Sellers have seen the growing demand for new properties and responded accordingly. It's likely that we may see asking prices rise further as sales remain strong and this confidence grows further in the months ahead."

Meanwhile the stock of unsold homes on the market has stabilised to 37 weeks in August after dropping for five consecutive months, he said.

"This is still below the long-term average of 41 weeks. If historical precedent is any indicator, this could likely continue to plateau for the foreseeable future," he said.

- NZ HERALD ONLINE / NEWSTALK ZB

Source: NZ Herald Online

Posted: 3 Oct 2011

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