1 Apr 2011

Property market still subdued

12:16 pm on 1 April 2011

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

Realestate.co.nz says new property listings stood at 12,247 in March, an improvement on the previous month, but it's still 15% below March last year.

Based on current sales, Alistair Helm, the website's chief executive, says the stock of unsold houses would take 53 weeks to clear.

Nevertheless, the average asking price rose slightly to almost $423,000, driven by rises in Auckland and Wellington.

The earthquake in Christchurch on 22 February saw new listings drop by a third in Canterbury, well above the national average.

Analysts expect low interest rates, stronger migration and the rebuilding of the Canterbury region will bolster the sector in time.