Mixed view for New Zealand real estate markets

The New Zealand property market saw a further tightening of supply in December, more especially in the three major cities where the market remains very firmly as a sellers market, according to the latest NZ Property Report.

‘In overall terms the number of new listings coming onto the market in December was considerably lower than expected given the surge in November. This lower level means that inventory levels of property on the market slipped again to remain below the long term average,’ explained director Alistair Helm.

‘The country overall is still balanced between a buyers and a sellers market with the provincial areas seeing less tightness in new listings and available inventory of property on the market,’ he added.

The truncated mean asking price of $420,109 for all new listings in December eased slightly again from the peak in October of $434,161. On a seasonally adjusted basis the asking price actually rose 0.4%.

Source: PropertyCommunity.com