Stagnant property market may last

A stagnant climate in the property market could last for months, after the usual spring lift in the market failed to show up in October, real estate industry website www.realestate.co.nz says.
Spring is a pivotal time in the property market, as better weather returns and more houses are usually listed.
In October, 11,911 properties came onto the market, a 12.1 per cent drop from the same month last year.
The combined total of properties listed in the traditional spring lift period of August, September and October was 32,274, marking a 12.5 per cent fall from the same time last year.
Realestate.co.nz chief executive Alistair Helm said that if a property had not listed by now, it was unlikely that it would before the Christmas period.
"With sales slow and listings not coming on, the market clearly reached a plateau in October, and it's not getting any better. At this point it's fair to say that spring has passed us by," Mr Helm said.