tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, May 28th, 6:16PM

News

rss
Latest Headlines

Sellers forced to get realistic

Sellers are being forced back down to earth in terms of price expectations if they want to shift properties, amidst sagging sales.

Tuesday, June 1st 2010, 3:00PM 1 Comment

by The Landlord

Asking prices fell 4% to $407,349 in May from $422,520 a month earlier, while sales in April (the latest figures from REINZ) are down 16% from the same month a year earlier,  according to Realestate.co.nz's latest Property report.  

Asking prices are also now 5% below the market peak in October 2007 (at that time $429,033).

The fall in asking prices of new listings coming onto the market in May indicates that the state of the market is driving a behaviour amongst new sellers to price property to meet the market and also opens up opportunities for buyers.

"Sellers with new listings recognise the need to be aggressive on price with the large volume of property available," says Realestate.co.nz chief Alistair Helm.

"While we've not seen a deluge of cheap property for sale, it does appear that we've peaked on price and there's an opportunity here for buyers. Sellers are hunting them out using price as leverage to beat the competition."

The report also notes that there is no evidence the slowing of current market conditions has anything to do with the Budget announcements made on May 20.

Of the 19 regions the report monitors, seven did show asking price increases, although these were outside the three main centres of which Auckland set the mood with a 2.5% fall in asking price as compared to the recent three-month period.

The number of new listings coming onto the market has also slowed, down 4% from April to 11,733. However, despite May traditionally seeing a seasonal slowdown, new listings are up 17% compared to the same month last year.

The inventory of unsold houses, measured by how many weeks of sales it would take to clear the market, fell to 46.9 weeks seasonally adjusted, down 9% on April's 51.6 weeks.

"The inventory of unsold homes had been rising steadily over the past 11 months, however for the first time the trend has halted," the report says, key contributors to this being the slowing of new listings and sluggish sales.

« Momentum building in house market, according to ANZAuckland house sales gain in May »

Special Offers

Comments from our readers

On 2 June 2010 at 9:45 pm Tony shane Andrews said:
its about time house prices need to come back more yet to be realistic
Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 ▼3.35 ▼3.19 ▼3.85
ASB Bank Special - ▼2.85 ▼2.69 ▼3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - ▼2.65 ▼2.79 ▼3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

Last updated: 28 May 2020 10:38am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com