2 Mar 2012

New property listings expected to meet demand

6:56 am on 2 March 2012

New property listings are expected improve in the coming months after sluggish performance in recent times.

Realestate.co.nz property report for February shows 13,459 new listings went on the market last month, representing a seasonally adjusted rise of 14% from January when about 8500 were listed.

Chief executive Alistair Helm says this growth should continue as demand from buyers stays strong.

He says February's supply coming onto the market is likely to be sustained for the next three months and the market will rebalance itself by providing enough supply to meet the demand.

Mr Helm says if the level of sales continue then buyers have a good selection to choose from and sellers have a good market for buyers to look at.

"It feels like it's a good correction we're seeing in the market, where as in the end of the last year there was almost too much tightness which was frustrating buyers and they were desperate to see a new listing and nothing was coming on the market in particular suburbs".