No joy in housing market

TOM HUNT
Last updated 11:38 01/07/2012

Relevant offers

Industries

US withdrawal from TPP expected to impact NZ economy, businesses Foodstuffs one of world's largest retailers: Global Powers of Retailing report Number of foreign trusts declines ahead of new regulations Too old for IKEA: Study shows your age dictates where you go furniture shopping Agri-food co-ops worth $43 billion to NZ economy Samsung confirms Galaxy Note 7 batteries fault, announces response plan And, we are (almost) go for Kiwi Rocket launch in northern Hawke's Bay Dancing Sands toasts success from Kiwi products Mark Hotchin returns to New Zealand but critics say Hanover investors unlikely to forgive From urban planning to underwear: Confitex co-founder Mark Davey

Wellington home buyers are up against the odds with the country's biggest drop in new listings.

A new report from realestate.co.nz said just as it seemed New Zealand's property market was stabilising it swung in June "and the ever present property shortage just got worse".

The current stock of new listings was the worst in four years.

"There are no regions for which the state of the market could be assessed as even a slight buyers' market."

Wellington was particularly hard hit compared to the other main centres, with 22 per cent fewer new listings than in May.

All up, 691 houses were listed in Wellington last month compared to 881 in May. The average listed property price was $430,597 - a few hundred dollars more than in May.

Realestate.co.nz said the drop in new properties came on the back of strong sales in May.

"If the rate of sale was to continue [nationwide] and no new listings were to be added that stock would be sold out by the last day of December this year."

Ad Feedback

- The Dominion Post

Special offers

Featured Promotions

Sponsored Content