1 Jul 2010

Sellers 'realistic' about property prices

11:55 am on 1 July 2010

A real estate website says sellers remain realistic about prices, helping to further stabilise the property market.

Realestate.co.nz figures show the number of newly listed properties fell 5% percent to 11,000 in June, though are 16% higher compared to the same month last year.

The website's chief executive, Alistair Helm, says the market typically slows down in winter and, on a seasonally-adjusted basis, listings rose 5%.

Mr Helm says sellers remain confident and asking prices have edged up 1% to just over $410,000.

The number of unsold homes slipped slightly to 52,000 in June and, at the current rate, it will take 45 weeks to clear the backlog.