The number of new properties listed on the market in February surged by 47% from January to 15,129, the highest level since April 2008. However with sales volumes remaining static, the number of unsold houses across the country has ballooned to 54,381, and at current sales levels it would take 48 weeks, almost one year, to clear the backlog.

The figures were released today in the NZ Property Report, a monthly report of market activity compiled by Realestate.co.nz, the country's most comprehensive property listing website with over 118,000 listings. The latest issue, covering February, is published on www.unconditional.co.nz, the news and information website for New Zealand real estate.

Alistair Helm, CEO of Realestate.co.nz says, "February traditionally sees a jump in new listings, but this is the biggest monthly increase since the online property portal was launched more than three years ago. More significantly, the expectation of sellers is not matched by sluggish sales volumes which remain static.

As a result, the inventory level of unsold houses, as measured by the number of weeks of sales necessary to clear properties on the market, has jumped further to 48.2 weeks. In December, the inventory level was 34.3 weeks, so that's a 40% increase in two months. Clearly, the property market continues to become even more favourable for buyers.

"Even those regions which had been a seller's market for much of last year, defying the national average, are now experiencing a change. Wellington in particular, which continues to lead the country with the smallest stock of unsold houses, is experiencing an inventory level of 29.2 weeks, a 94% increase in the last two months when inventory stood at only 16.5 weeks in December," said Mr Helm. Internationally, the threshold at which a market is considered to alter in favour of either buyers or sellers is 28 weeks of inventory.

According to the report, the stock of unsold houses in Auckland and Canterbury stands at inventory levels of 36 weeks. The regions which currently experience the highest inventory levels are Coromandel at 226 weeks, Northland at 163 weeks, and West Coast at 162 weeks.

Go to www.unconditional.co.nz for the full NZ Property Report.