Asking Prices Hold Firm Despite Slow House Sales

New Zealand home owners seem reluctant to reduce their asking price when selling their biggest asset, despite slow real estate sales in most areas.

A recent New Zealand Property report revealed the average asking price in June 2010 rose slightly by $2,709 to $410,058. This is despite a rising supply of unsold houses in many towns across the country. The supply of unsold houses is at 45.3 weeks, although this does represent a drop of 1.7 weeks on the previous month.

The major cities showed up better than provincial New Zealand towns. Overall house listings are up 16% in June 2010 when compared with June 2009.