by Businesswire.co.nz
The average price fell 3.2% to $514,890 in September and was 3.8% higher than in the same month of 2008, according to Barfoot & Thompson (B&T), the city's biggest real estate firm. New listings rose 12% to 1,466.
"There was a better balance and controlled feel to the market in September than has been the case for some time," said managing director Peter Thompson. "The views of buyers and sellers as to what is a fair price are coming closer together."
House prices have been improving nationwide, according to Real Estate Institute of New Zealand (REINZ) figures last month, which showed the national median price rose 2% to $346,750 in August, while the length of time it took to sell a house fell to 34 days from 37 days over the period.
Reserve Bank Governor Alan Bollard has said he doesn't want to see a return to a debt-fueled property binge, which has driven up the nation's overseas debt and tied up capital in non-productive parts of the economy.
Bollard last month said the pick-up in the property market was also being driven by a lack of new listings, which is likely to be a temporary phenomenon.
Barfoot's figures showed the third straight month of prices rising from the same month a year earlier and Thompson said that's a sign that "house prices on a year on year basis have stopped falling".
Market activity typically kicks up with the arrival of spring, as fairer weather encourages home owners to put up the For Sale sign.
Barfoot let 701 houses and units at an average weekly rent of $384 in September.
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