New Zealand's property market has finally tipped in the balance of sellers
, with a new analysis suggesting that the prolonged sluggishness of new property listings is ending.
The latest report from Real Estate New Zealand
indicates that the Auckland market, which saw strong late summer property sales, has now seen inventory levels below the long-term average.
At the end of May the inventory of unsold houses on the market fell to 30 weeks as compared to the long term average of 34 weeks. The last time this level was seen was at the end of 2009.
In addition, it also revealed that the asking price expectation of the new listings coming onto the market in May fell back from the peak seen in April
"The recent relative strength of sales as seen in March and April has now stared to see a clearing of what has been a high level of unsold houses on the market over the past 18 months. Heading into Winter, a time of traditionally weaker listing will likely see this inventory level fall further in coming months," the report says.
- Friday 10 June 2011