No joy in housing market

TOM HUNT

Last updated 11:38 01/07/2012

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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."

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