1 Jan 2012

Shortage of city houses for sale tipped

12:21 pm on 1 January 2012

Property website Realestate.co.nz says big cities in New Zealand are heading towards a shortage of houses for sale this year.

Chief executive Alistair Helm says that according to data in the NZ Property Report, 8732 new properties were listed for sale in December.

He says that is a drop of 35% from the November figures.

Mr Helm says new listings are one of the clearest indicators of the health of the property market.

Wellington had 571 new listings in December, a drop of 52% from November.

Auckland had a 44% drop in new listings, while new listings in Canterbury fell 31%.