Vendors reduce asking prices as property listings rise

In good news for buyers, there's been an increase in the number of properties listed for sale, as well as an increase in the total number of properties on the market.

SQM Research has reported that the number of new listings (i.e. those less than 30 days' old) in June was 1.6% higher than the month before.

At the same time, the number of for-sale properties – which includes both new listings and older ones – was 1.8% higher than the month before.

So more homeowners are listing their property for sale and those homes are taking longer to sell.

With more properties on the market, buyers have more choice, which means they don’t have to compete as hard on price. In the month to 4 July, there was a 2.0% reduction in prices being asked by vendors.

Given that market conditions are favouring buyers in many parts of the country, this might be a good time to buy. Contact me if you’d like me to find you a great home loan.

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