7 Aug 2012

Property market stays geared towards sellers

1:45 pm on 7 August 2012

The residential real-estate market remains geared towards sellers, even though more people put their homes up for sale in July.

Realestate.co.nz's latest property report shows the average nationwide asking price rose 1% to $429,181 in July, an increase of 5% compared with the same period a year ago.

New listings rose 5% to 9411.

The website's chief executive, Alistair Helm, says July's new listings eased pressure on falling inventories and steadied the property market.

He says the balance between sellers and buyers may shift in the coming months, because more activity is expected in the spring.