New Zealand house prices remained steady in June, according to the Real Estate Institute of New Zealand (REINZ), with median prices up just 0.6 percent from May and flat compared to a year earlier.
Buyers are holding off for better deals, pushing listings up and sales down.
Sales volumes fell nearly 5 percent from May but were up 14.8 percent on June last year.
REINZ CEO Lizzy Ryley said the market showed signs of stability, with most vendors pricing realistically. However, more cautious buyers and rising inventory, up 2 percent year-on-year, are slowing the pace of sales.
“Many are receiving offers below their anticipated value,” said Ryley, with some vendors choosing to delay selling until spring or summer when activity may pick up.
Centrist Ltd.