1 Sep 2009

New property listings fall in August

4:54 pm on 1 September 2009

A shortage of homes for sale in the lead-up to the traditionally busy spring season is raising doubts the housing market is turning around.

The website realestate.co.nz, which lists more than 90% of all properties for sale around the country, says the number of new listings fell 1% in August, compared with July.

During August, 10,600 new property listings were made on the website.

Asking prices for residential properties remained flat during the month.

The real estate website's chief executive, Alistair Helm, there is an active level of buyer interest, and if this continues while listings remain at low levels, house prices could rise.

Separately, Westpac economists say house prices are likely to rise only slightly over the next 18%, and any rally is likely to peter out.