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Realestate.co.nz says average asking price for houses rises to $466.5k; shortage of houses for sale remains critical

October 1, 2013 – 09:54am,
David Hargreaves

Would-be sellers are asking record prices for their houses, according to the latest monthly figures from Realestate.co.nz.

In its latest, realestate.co.nz said the seasonally adjusted average asking price was now $466,526, which was more than $1300 higher than the previous record set in July this year and up 8.7% on the average at the same time a year ago.

While in terms of actual houses available, there was a small improvement in numbers on the market, this could be seen as a seasonal improvement.

Once the figures are seasonally adjusted, there was actually a fall in the numbers of new listings in the September month.

The acting chief executive of Realestate.co.nz Phillip Dunn said the increase in asking price “can be attributed to supply and demand” while inventory remains close to an all time low.

He said inventory figures appear to have stabilised somewhat after last month’s record low of 23.4 weeks (worth of available houses at current rate of sales) but were still the second lowest on record at 24.2 weeks.

Read the rest here:

http://www.interest.co.nz/property/66623/realestateconz-says-average-asking-price-houses-rises-4665k-shortage-houses-sale-rema

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