1 June 2010
Figures just out reveal there were 51,980 unsold houses on the New Zealand property market at the end of May 2010. This represents 46.9 weeks supply.
Many Vendors (sellers) are lowering their price expectations and reducing the price their home to get it sold. I surplus of supply slows the market as buyers see no urgency to commit.
Across the country the volume of house sales fell more than 1000 in April 2010 when compared to the same time in 2009. The average vendor asking price dropped 3.6 per cent to $407,349 during May 2010.
The key Auckland housing market fell 2.5 percent. However some regional centres did record increases in the average asking price. Overall, the state of the current property market could see many more more vendors reducing prices to meet the market in the short term at least.
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