KEY POINTS:
The number of unsold properties in Harcourts' northern region, which includes Auckland, has almost doubled.
New Zealand's largest real estate chain, with 180 offices, issued figures yesterday showing a big jump in the number of properties for sale.
Property on hand rose 89 per cent last month compared with last January, the agency said.
It had had 2044 properties on its books last January; last month, the figure was 3866.
Harcourts said its December sales were better than expected but January was worse.
Harcourts' chief executive, Bryan Thompson, said he would look to this month's sales to get a more accurate picture of the market.
The statistics show fewer people are choosing only one agency.
The number of exclusive listings for Harcourts' northern region dropped 33 per cent from 502 properties last January to 338 last month. People are also showing less appetite for auctions and tenders, which dropped from 112 properties to 103. Written sales are down 21 per cent from 259 properties to 205.
But average prices in the northern region rose 7 per cent, from $451,000 to $483,000. Prices dropped in every other area - down 16 per cent in the central North Island, down 9 per cent in Wellington and Christchurch and down 4 per cent in the South Island.
"New listings remain at a premium in many Auckland locations, especially at the upper end of the price range. While stock on hand continues to be significantly above the previous year, this differential will close quickly as we move through a full year in the lower volume market," the agency said.
Mr Thompson described sales nationally as abysmal, but expected lower interest rates and tax relief to soon kick in.
More buyers might then "seize the day".
