1 Aug 2011

Residential property market now favours sellers

4:50 pm on 1 August 2011

The residential property market in Auckland has swung back in favour of sellers and the rest of New Zealand is following suit.

A property report for July shows more home buyers than sellers in 15 out of 19 regions - a turnaround from two months ago.

The number of new listings fell by 2% across the country to 8966 compared with June, with houses selling more quickly now.

However, the average asking price fell by 3% to $403,474.

Realestate.co. nz chief executive Alistair Helm says the shortage in listings is severe compared with previous months.