Monday, May 12, 2008

Signs of desperation in NZ housing market


"Vendor must sell," "mortgagee sale," and "All offers considered," are appearing more often in residential retail advertisements these days, Quotable Value says in its latest report.

This report shows that national property value growth fell to 4.9 percent in the 12 months to the end of April, compared with 6.5 percent in the 12 months to the end of March.

The national average house sale price is $388,465, compared with a peak price of $406,176 last October.

Quotable Value spokesman Blue Hancock says that, with the number of property listings still high and buyer demand falling, house prices are likely to fall further in the next few months.

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