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Property prices eased slightly in New Zealand last month, data shows

Property Wire
Property prices eased slightly in New Zealand last month, data shows - New Zealand - property prices - property market

Residential property asking prices in New Zealand eased slightly in June, down to $424,315 from the record high in May, according to the latest figures.

However, pressure in the Canterbury market saw a new record high asking price for the third month in a row with analysts saying that overall the sector has moved back to a sellers’ market.

After a surge of fresh listing in May, June saw inventory slipping back, down 8% on a seasonally adjusted basis and up only 6% compared with a year ago, figures from realestate.co.nz show. The stock of unsold houses on the market fell sharply to below 30 weeks, the lowest level since February 2008.

‘It seems that just as we sensed a stabilising of the property market in terms of new listings responding to the growing demand as was witnessed in May, the market has swung again and the ever present property shortage just got worse and the current level of inventory is down to the lowest it has been for four years,’ explained Alistair Helm.

He explained that this situation has arisen as a consequence of very strong sales in May, the seasonally adjusted total of 6,154 was up 26% on April. In total the first five months of this year show sales up 25%. At the same time listings over the same period are only up 9%.


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