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Fewer listings fail to clear property glut

Updated - 1/9/2010 - http://www.nzherald.co.nz.

 

Fewer people are selling their homes as uncertainty continues to cloud the New Zealand property sector.

Realestate.co.nz’s NZ Property report shows the number of new listings fell for the fifth straight month last month, fuelling talk of a looming property shortage in our biggest city.

Realestate.co.nz’s Alistair Helm said just 9804 properties came onto the market last month, the first time in more than a year that the volume of new listings has fallen below 10,000.

Ordinarily the decline would signal a tightening of the market, if it were not for the glut of unsold homes in the provinces and sluggish sales, Helm said.

 

Read more:www.nzherald.co.nz/business/news/article.cfm

 

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