1 Apr 2011

Property market remains subdued

6:45 pm on 1 April 2011

The property market remains subdued, despite a jump in new listings.

Realestate.co.nz's says new property listings stood at just over 12,000 in March, an improvement on the previous month, but it's still 15% below what it was in the same month last year.

The average national price rose to $423,000, near the peak of late 2007, driven by Auckland and Wellington.

But the website's chief executive, Alistair Helm, says demand remains tepid and the stock of unsold houses will take more than a year to clear at the current rate.