Surge in November property listings

Surge in November property listings shows vendor confidence picking up in spite of slow market

Sellers look to take advantage of summer marketplace

AUCKLAND, 1 December 2010 – A surge in property listings in late spring has lifted the number of properties on the market to its highest level in two and a half years, showing there is still vendor confidence in the New Zealand market in spite of the recession.

Data released today in the latest NZ Property Report – a monthly report of market activity compiled by Realestate.co.nz – shows the number of new listings in November was up 7 percent, on a seasonally adjusted basis, falling just short of 13,000 new listings. This puts listings at their highest level since June 2008, and is the highest level for a November calendar month since 2007.

Alistair Helm, CEO of Realestate.co.nz says the stagnant market climate that was forecast last month, following a drop in the number of listings usually experienced in the spring months, may be avoided with this rush by vendors to list properties before the year is out.

“These figures are heartening because they indicate there is actually some new life in the market, which we haven’t seen in a long time,” says Mr Helm; “Vendors are eager to take advantage of the summer marketplace and are setting their expectations at realistic levels.”

The report shows that the expected selling price of new listings fell slightly in November with a 0.5% year-on-year fall to $417,660.

Mr Helm says the figures are a good sign for New Zealand homebuyers; “While these indicators show it’s definitely a good time to buy, we’ll need to wait and see how this trends over the next few months before we can fully assume that the market is regaining some buoyancy.”

Mr Helm says, seasonally adjusted, the overall market price is still 2.7 percent below the peak of the market back in October 2007 – which was $429,033 at that time.

Realestate.co.nz is the country’s most comprehensive property listing website with more than 120,000 listings. The latest issue of the NZ Property Report, covering November, plus more analysis of the property market can be found on www.unconditional.co.nz, the news and information website for New Zealand real estate.

ENDS

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