1 May 2009

Drop in online listings says real estate company

3:32 pm on 1 May 2009

An online real estate company reports the number of new listings on its site dropped by more than 20% last month compared with March.

The company, realestate.co.nz, which says it carries 90% of all new listings across the country, says they dropped from 13,284 to 10,453 in April.

The biggest fall was was in the Coromandel, which dropped by 53% to 270.

Chief executive officer Alistair Helm says sellers are holding back because of uncertainty over the economic situation, and a tightening of credit by banks.

Mr Helm says the average asking price for properties stayed relatively stable, rising from $405,710 to $405,936.