Harcourts picks up a pulse in market
New Zealand's largest real estate group found the housing market continues to remain subdued with the normal spring bounce failing to materialise.
"Traditionally there is a lift in the market with the onset of spring and while there were indications a rebound would occur as usual this year, our latest figures show the increase in listings and buyer enquiry has yet to result in a rise in sales to the expected levels," said Harcourts CEO Hayden Duncan.
"In fact as the latest figures released in Harcourts MarketWatch newsletter show, the volume of written sales recorded in October by Harcourts was well down on the same month last year, reflecting the figures released by the Real Estate Institute of New Zealand recently which showed the lowest October volume of settled sales since their records began in 1992."
The Harcourts figures show written sales are down on October 2009 across the whole country, with the biggest year-on-year fall seen in Wellington, down 46%.
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