May 5th 2010
Its been said by many that “by the time you read about it in the papers its old news” and on some accounts thats true for real estate too.
By the time the papers are reporting its now time to buy, usually based on stats that prices have risen, much of the initial surge wave may have already been.
On account of the way that Real Estate Sales data is usually compiled “after the event” as it were, other than getting the word from your agent, there’s not many other ways to spot activity other than relying on age old visualizations……..noticing things like a serious rise in the number of SOLD stickers going up.
Photo – SYDNEY MORNING HERALD May 4th 2010
Back home, the latest New Zealand Property Report alludes to our local dilemma…….
As the above chart ample illustrates listings are down, in fact the reports author alludes to exactly this with following direct point;
There were 3 regions in April which reported year on year listings decline for the month – Central North Island, Nelson and Manawatu / Wanganui;
the latter 2 showing a significant decline of over 20%.
Even more dramatic is the weeks of unsold inventory still on the market, from my earlier mention about this a few months ago nothing has changed.
Out of the 19 regionals covered Nelson comes in at 3rd lowest again, and even that low figure is an improvement on last month by 24% according to the reports data.
Certainly reinforcing what we are seeing on the ground in Nelson – the bank of new listings coming to market for sale, is very low.
A better time for sellers than buyers at present I suggest.