The number of confirmed sales in Gisborne city for the September quarter was down on the June quarter by 26%. In terms of numbers, when we make the comparisons with sales over the past four years, the total of 115 sales is definitely low. The recovery that we were looking to experience from the difficult 2008 year was short lived. However I believe it was not because of the tightening of monetary policy or lack of confidence in the economy, but rather because of the flow on effect of not having sufficient stock in the market place. In real estate, you can’t sell what you don’t have. The shortage of available homes for sale was apparent during the last quarter. There were plenty of buyers around, but there just wasn’t the homes for them.
