Residential property 'buyers' market'
12:30PM Wednesday February 13, 2008
Residential property became a "buyers' market" last month with low sales and a sharp increase in days to sell figures, the Real Estate Institute (REINZ) says.
The national median price dropped to $340,000 in January, from $345,000 in December and compared to a peak price of $352,000 in November.
The national median was 3.97 per cent up on the $327,000 figure in January 2007.
REINZ said sales last month were unusually low, even for January which was traditionally a weak month.
The 5186 sales last month were the lowest for a January since 2001, and compared with 7566 in January 2007 and 5597 in December 2007.
New Zealand Mortgage Brokers Association chief executive Megan Salt said there was no doubt that the market is slowing.
More
here .