(WELLINGTON) Fewer New Zealanders want to sell their homes and the average asking price is falling as the property market slows, according to an industry website.
The number of properties listed for sale fell 2.3 per cent in July from June, according to a report on realestate.co.nz on Sunday. The average asking price dropped 1.1 per cent.
The weak housing market adds to signs of slow domestic demand which may prompt central bank governor Alan Bollard to pause his interest-rate rises later this year. Last week, he raised the official cash rate a quarter point and said the pace and extent of further increases is 'likely to be more moderate' than he previously expected.
The level of unsold houses in the market rose 3 per cent from June and would take 46.8 weeks to sell, based on the current pace of completed sales, the report showed. -- Bloomberg
Source: Business Times, 3 Aug 2010