New zealand real estate market moves in favor of sellers

New Zealand’s residential property market is moving firmly in favor of sellers as a drop in the number of properties for sale accelerates, according to the latest report from NZ Property.

The truncated mean asking price for all new listings in June rose very slightly from $414,308 in May to $415,053. On a seasonally adjusted basis the asking price rose just 0.8% in the month indicating a degree of caution amongst sellers, the report says.

The overall trend of the past two years continues to show a slow but steady strength in asking price expectation. Meanwhile, the level of new listings coming onto the market in June fell again to 9,111. This represented an 18% year on year decline but a 2% seasonally adjusted rise from May.

On a 12 month moving basis the number of new listings in the past year totals 125,848 as compared 145,920 for the same period a year ago, a fall of 14%, the report also shows.

Source: Property Community