Fewer houses on market in 2009

The number of houses offered for sale last year fell 17 percent, new figures show.

The New Zealand Property Report, a month roundup of market activity compiled by property listing website Realestate.co.nz, showed 135,416 properties were offered for sale during the past year, down from 163,488 in 2008 and 177,529 in 2007.

"The fact that there have been two successive falls in the annual totals for new listings since that time would indicate that, as yet, there can be no claim that the market has made a full recovery. Any intimation of such should be treated with caution," Realestate.co.nz chief executive Alistair Helm said.

Asking prices fell in December, ending a steady increase during the previous three months.

Nationally, the average asking price fell by 1.7 percent from $419,586 in November to $412,319 in December. However both Auckland and Christchurch experienced slightly larger falls, of 2.4 percent and 2.5 percent respectively.

"The December figures show a sense of caution in the market; limited supply has not seen an increase in asking price, vendors continue to be realistic, while buyers are doing their research before making offers," Mr Helm said.

- NZPA