The latest post on Alistair Helm’s Unconditional Blog has this to say in comment about the monthly sales report from the Real Estate Institute (REINZ) states clearly that listings are tight in their June report– this assessment comes from “strong indications from agents in many regions that the supply of properties is really tightening“.
This perception is reality; the data in the monthly NZ Property Report underpins this with the numbers to show the decline in new listings as detailed in the chart below.
Listing numbers have been falling steadily for over a year, and matched to a slowly rising rate of sales, is beginning to show in the declining stock of homes on the market. This could potentially lead to a demand heavy market which could see price pressure in the medium term.
Wellington levels of homes being actively marketed in the first six months are down 12% compared with the first half of 2010.
