NZ property market


PHOTO: ROSA WOODS/STUFF Only Wellington had an increase in new listings.

New Zealand’s property market is in a different situation to Australia’s, property listings website says.

Across the Tasman, house prices have been dropping in Melbourne and Sydney in particular. In January, house prices in the two cities were down 10 per cent and 9 per cent year-on-year respectively.

But spokeswoman Vanessa Taylor said New Zealand seemed to be in a better position.

“Unlike the Australian situation, where there’s reportedly a long-term high in the number of properties sitting on the market, that’s not the case here in New Zealand,” she said.