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Positive indicators suggest more action ahead

19 August 2008: Various indicators suggest buyers and sellers have got their heads around the current market and an increase in real estate activity could be ahead, says Harcourts New Zealand CEO Bryan Thomson.

Commenting in the latest Harcourts MarketWatch newsletter, Mr Thomson says that while July was another challenging month in real estate, "there were some good indications that buyers and sellers are coming to terms with the current market and are preparing to take action".

"For example, for the first time in 2008 real estate websites have seen an increase in traffic between months - a notable point because we know that most people commence information gathering on the web prior to making a property move.

"Anecdotal feedback from Harcourts Sales Consultants has been positive too, with reports of increasing buyer enquiry, including through open homes," he says.

"These are encouraging signs for the future," Mr Thomson says in Harcourts MarketWatch newsletter which shows the group's volume of written sales in July 2008 was an average of 24.6% down on July 2007 across its five regions - the best differential in many months - while the amount of property on hand was an average of 53% up on July last year.

Mr Thomson says that given the volume of property on hand sellers need to ensure they present and promote their properties well in the crucial first few weeks on the market and also ensure they have all current market information needed to allow them to recognise the value of offers received.

As for buyers, as well as ensuring they have their finances arranged and have done the homework required to make strong, realistic officers they should be "fully utilising the internet and their local Harcourts sales consultants as the great property they want may be there, but just hidden away in the clutter of available stock".

See Harcourts MarketWatch (attached) for the group's latest figures and other Harcourts news.

ENDS

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