Asking prices continue to fall on new listings

Asking price expectations of new listings fell significantly in July to a truncated mean of just $400,481 according to the NZ Property Report published by Realestate.co.nz today.

This has fallen from a peak asking price of $422,648 in March this year.

Set against a market with high inventory and strong new listings, sellers are heading the advice of real estate agents to price property competitively to attract interest in the market the report said.

Asking prices remained firm across Queenstown Lakes, Nelson and Gisborne where the market has been more balanced in both inventory and new listings.

On a regional level, eight of the 19 regions saw a fall in the number of new listings indicating a switch from a buyer's market to a seller's market. However, based on current inventory, measured against long term averages, 14 of the 19 regions showed a significant buyers market. The three regions that are fairly well balanced - Queenstown, Nelson and Coromandel - are regions with a heavy influence of lifestyle and overseas interest.

The full NZ Property Report - July 2010 and raw data is available from The Unconditional Blog.