The number of new property listings declined for the third month in a row, with listings in May dropping a further 5 per cent on April, according to the property website Realestate.co.nz.
The website’s monthly NZ Property Report showed only 9993 new listings were added to the market in May, 29 per cent down on the same figure for May 2008, said chief executive Alistair Helm.
It was dormant for most of 2008 when there were a lot of properties just sitting on the market, Mr Helm said.
The prices were softening rather than collapsing, he said.
“The drop in new listings in May has led to the available stock of properties on the market falling to an inventory level of only 35 weeks, down from April’s level of 42 weeks and May 2008′s level of 45 weeks,” Mr Helm said.
This level approaches what is called a sellers market yet this again highlights the problems with using all data from all sources because I can tell you that there are demographics where the above is not the case.
Make sure you are informed when you start investing in property, it is so easy to read articles like the one above, get excited and race off and do the wrong thing.
If your not sure, don’t do it.
