Lack of quality listings on the market

Jonno Ingerson, research director for QV, says "valuers, particularly in Auckland and Wellington, are reporting that there is a general lack of well-presented, quality properties on the market at present. Those that do come up are selling quickly and for good prices."

He says properties that are not well presented and lacking maintenance or have perceived flaws are either failing to sell or buyers are discounting their offers accordingly.

QV says the lack of sales in the market is due to some buyers choosing to hold back to see where the market will go, while others cannot find a suitable property. The other reason is possibly because of some financially secure vendors in the market, who are happy to hold out for their desired sale price rather than being tempted by low offers.

The majority of main urban areas throughout the country have remained stable in terms of value and are currently at or around the same value as this time last year, although activity and value is dependent on local market conditions.