RTTNews - New Zealand's current property market reflected a stable position, with stable asking prices, inventory levels and new listings, a report by the property website realestate.co.nz said Tuesday.
While the market was in a far better position than a year ago, the website said the slight rise in new listings in July and August may not be sufficient to meet demand for the spring season, without having an impact on price consequently.
However, this was not the case with respect to the asking prices, which remained steady, showing a decline of 7% from the peak of the market.
Mike Elford, President of the Real Estate Institute of NZ (REINZ) said, The market has certainly recovered well from the lows of mid-2008, and heading into spring could well see some more healthy activity, however as ever the market is reliant on an adequate inventory of listings to meet buyer expectations.
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