Housing deals work out better for buyers

Relevant offers The spring surge of new Homes for Sale has arrived, despite the distraction of the Rugby World Cup, but average selling prices are still lagging more than $50,000 behind asking prices. However, selling prices are flat, rising just 1 per cent in the past year, despite the lowest floating mortgage interest rates since the 1960s. Those rates are set to stay low till well into next year as a result of the uncertain global economy and an ongoing government debt crisis in Europe. The surge in listings came through last month, despite the international rugby tournament and the upcoming general election next month, which do not appear to have stopped people putting homes on the market. The flush of new listings led to a $10,000 rise in the average asking price for property for sale. There is typically a rise in asking prices during spring, but this year it was stronger than usual. Although there were no figures yet available for final selling prices for homes put on the market last month, the previous month's figures show a large gap between asking prices and final selling prices, the report says. In August, the asking price was about $415,000, but the selling price was about $363,000 – a gap of almost $52,000. In July, the gap between buyers and sellers was $42,000. So although asking prices have risen about 3 per cent in the past year, the average sale price is virtually flat, up just 1 per cent, the report says. There were more than 11,000 new listings on the market in September, up 10 per cent on August, but because there is usually an increase in the month, the seasonally adjusted rise was just 0. The stock of unsold homes on the market was up slightly to 37. The stock on the market has steadied after dropping for five months, but was still below the average stock on the market of 41 weeks. Figures issued last month from valuation agency QV showed national average prices were up just 0. Inventory (stock on the market) 46,299 homes, flats and lifestyle properties. Send us your photos, videos and tip-offs: Emailnewstips@stuff. Homes for Sale