Monday, Jul 05, 2010
Where have we heard this before..?
The Move Channel: No NZ asking price drops despite glut
"Property sellers in New Zealand are refusing to drop asking prices in the face of a continuing high stock of unsold houses, according to a new report... The average asking price in June rose slightly by $2,709 to $410,058, despite inventory levels of unsold houses remaining high at 45.3 weeks, a drop of only 1.7 weeks from the month before, the latest monthly NZ Property Report shows. But while the market appeared to be relatively flat, the numbers showed that metropolitan areas were more active than provincial New Zealand, said Alistair Helm, Realestate.co.nz chief executive..."
Posted by mark wadsworth @ 03:15 PM (735 views) Add Comment
6 Comments
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1. montesquieu said...
$410,000 is very very high compared to the average NZ salary
2. ianbe said...
That is complete and utter insanity. Makes our bubble look decidely pathetic.
And there's only 4 million of them living on a couple of islands that are larger than the UK.
3. tom101 said...
Been watching the market in New Zealand for around 4 years now as planning on a move out there. The market seems very stagnant with Government Valuations (GV) quick to rise but slow to fall. Houses are very hit and miss too with plenty of leaky homes to be wary of. A lot of changes in their budget lately though which should disuade the NZ-BTL brigade.
Still way over priced!
4. Cypher007 said...
this is probably how the UK market will tick over from now on.
5. greenmind said...
My sister has recently joined the NZ BTL brigade. I would have advised her against it if she had have asked me. My father did pretty well with BTL between 1980 and 2000 (there werent many doing it in the 80s), but those were different times. The UK and NZ housing markets are quite similar in terms of bubbles that refuse to deflate.
6. tom101 said...
@Cypher007 I think so too. Unless interest rates go up..... (LOL...as if!)