December 31st, 2010 brought the decade to a close. Only in the decade’s last-quarter did New Zealand’s real estate sector capitulate having run at full steam for so many years especially mid way through.
In recent times realtors have competed for prospective purchasers among an excess of housing inventory with buyers having untold choices and negotiating power.
Here we are one month down and winding in to the next decade and Realestate.co.nz have today released their report for January. The early signs indicate the hard (smart) work needs continue for New Zealand realtors.
Country wide the number of people putting their home up for sale dropped to its lowest level in four years in the month of January.
* Realestate.co.nz started surveying the market in 2006.
Figures just released from Realestate.co.nz show the number of new property listings fell 19 per cent to 8300 in January, when compared to the same time last year.
Across New Zealand the average asking price fell $10,000 to $406,525 in January, while inventory – which saw its 12-month peak last November at 53.2 weeks – has fallen to 47.9 weeks.
Nationally the asking price expectation of sellers with new listings right around the country is that asking prices are slipping lower. Nationally asking prices are down 2.7% as compared to the recent 3 month average.
Queenstown Lakes (Central / Queenstown / Wanaka areas) was one of five regions recording significant regression in asking prices at -7.8%.