KEY POINTS:
Donna Anderson-Jones has some concerns about the slowing property market.
But that hasn't stopped the web designer trying to sell her family's four-bedroom house in Avondale, Auckland.
Donna and husband Mark have bought a new house in the zone of their preferred primary school for daughter Zoe.
"I
guess it's always a risk no matter when you've got your home on the market," she said. "But I think it depends on where you live ... and we feel Avondale is still an up and coming area."
The couple have noticed sellers cutting prices and offering bargain deals in recent months, but are hoping they won't need to do the same to sell their tidy, attractive $465,000 home.
"It is a bit of a concern for us, though, there is a little bit of an air of desperation out there."
The desperation is understandable. Houses are taking longer to sell and going for less.
Real Estate Institute of New Zealand figures show prices fell significantly in February for the third month running.
The national median price was almost $15,000 less than late last year, but properties are taking an average of up to 50 days to sell.
New Zealand Property Investors' Federation vice-president Andrew King said it was "not a great time to sell".
He suggested sellers consider renting out homes for market rates, or adding value to existing properties.
Bhavesh Jhaveri, who has listed his family's three-bedroom townhouse in Dinsdale, Hamilton, after building a new home, was anxious about the market.
"I think it's more of a concern for a person who owns a $500,000-plus house," said Jhaveri, who has priced his home at $289,000.
"People at this level shouldn't be affected as much, but I am a bit worried... I don't want to be in a distressed sale state."
At least one seller, in Cockle Bay, Auckland, has already felt that pressure, and is relisting their large family home at a lower price. It failed to sell at $559,000 before Christmas and is back on the market at $539,000.
The woman, who did not wish to be named, said she and her husband were among the "luckier" vendors because they owned the property freehold and would buy in the same market they were selling in.
In Wellington, where the average sale time is 38 days compared with 50 in Auckland, Mt Victoria townhouse seller Alistair Gibbons was also unconcerned.
"We always intended to sell, so the timing is coincidental," he said.
"But the level of interest so far has not been in line with the messages out there," he said, after receiving several inquiries in four days of advertising.
Investor John Diamond, who is selling a three-bedroom rental in Whangarei for $232,000, said high interest rates had convinced him to sell, but believed a reasonable price would help the home to go quicker.
"The bread-and-butter houses have always got to be sold, people always need to live in them."
At the higher end of the market, vendor Mike Bundock felt the lack of properties for sale in his area would generate interest in his four-bedroom townhouse in St Heliers, Auckland, priced at $975,000.
Like Diamond, he would rent out the house if it failed to sell quickly.
"There's not much on the market at the moment, so I think there could be some pent-up demand."
