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New Zealand home shortage eases - 5 October 2009

A shortage of properties listed for sale, which was thought to have been a factor in rising prices in New Zealand, looks to have eased last month.

Property listing website Realestate.co.nz today reported property listings rose 19 per cent in September, compared to August, while year on year listings also grew for the first time in 2009.

The website’s monthly survey of market activity, NZ Property Report, also found vendors’ asking price expectations rose 6 per cent last month to $419,841, following six months of subdued price expectations.

Realestate.co.nz chief executive Alistair Helm said an increase in both the number of listings and the price expectations during the spring and summer period was expected.

But the relatively large jump for both figures in September was a strong indicator of improved health in the property market, he said.

The rise in available stock of properties for sale in New Zealand was a possible sign that sellers were confident of selling their property and could be the precursor to a fall over summer in the length of time it took to sell a property.

The jump in asking prices was the most significant statistic in the survey, said Helm.

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