11 Oct 2008

Properties taking longer to sell

9:05 am on 11 October 2008

Latest property market figures show that it is taking on average three weeks longer to sell a property in New Zealand than it was at this time last year.

The Real Estate Institute says the time it took to sell a house in September remained on a par with August, at about 52 days. But that is 20 days longer than in September last year.

The institute says it is a reflection of a sluggish market in which people are taking longer to make decisions.

The number of houses sold in September increased slightly from August, but the average house price remained unchanged at about $330,000.

The institute says sales increased from about 4,200 in August to 4,500 in September, and this is to be expected in a spring market after a harsh winter.