1 Jan 2011

Signs of a declining property market

5:07 pm on 1 January 2011

The latest report on the property market shows it is continuing to decline.

The New Zealand Property Report says December saw a low number of new listings being added in a single month and a drop in the average price.

The report was compiled by Realestate.co.nz.

Its chief executive, Alistair Helm, says new listings last month were the lowest in four years.

The asking prices of the new listings also fell slightly, and overall remain below the pre-financial crisis peak of October 2007.

Mr Helm says the low number of new listings should have one benefit - they will ease the pressure on existing houses on offer, which are sometimes proving hard to sell.