The drop in listings is easily explained. Many people have withdrawn their properties off the market or not bothered to list their properties at all because they haven’t got a 20% equity to move onto the next transaction.
The only people who will suffer are the FHB’s of course and all the trades that revolve around the property industry.
Watch out for redundancies, receiverships, work shortages and sub contractors scrambling for work.
The chain has been broken by the RB, as described on my double shot interview with interest.co below.
The fact is that 95% of people don’t have to sell when push comes to shove so concerns there.
The average asking price of homes for sale dipped slightly last month, residential property website Realestate.co.nz says.
The national average asking price of homes listed for sale on the website was $478,931 in November, down 0.6 per cent compared with October.
There was a 3 per cent increase in the number of homes for sale on the website last month, mainly because of a large increase in the number of new listings received in October.
Average asking prices declined in the four main centres, with Auckland down 1 per cent, Wellington down 1.6 per cent, Canterbury down 1.2 per cent and Otago down 0.6 per cent, but the biggest falls in asking prices were in Coromandel, down 13.1 per cent, Hawke’s Bay, down 8 per cent, and Bay of Plenty, down 2.2 per cent.