Market Update
April saw a drop in the amount of New Listings nationally but demand is still very strong reinforcing the previous month of a seller’s market. Realestate.co.nz’s monthly housing report for April said despite heated market conditions in specific parts of the country, mainly Auckland where the asking price jumped from $559,369 in March to $568,820 in April.
Realestate.co.nz CEO Alister Helm said the more muted numbers for April also put splashed cold water on the contention that the New Zealand housing market was headed back into bubble territory. He said while property sales were strong for the latest month’s data, for March they did not show a seasonally adjusted increase.
“This indicates that the market would appear not to be diving headlong into a property bubble, but rather is seeing a steady turnover and pragmatic buying and selling in the main.”
Despite an anticipated slow down over the next three months, realestate.co.nz is forecasting an increase in asking prices as “demand flows through to vendor expectations.” “Clearly there are pockets of the market where there is not quite this degree of balance.”
The inventory of unsold homes, which saw a four year low in March, eased slightly in April.
May 12 2012 08:50 pm | Uncategorized