The New Zealand's property sector has been sinking deeper by the day since less people are indulging in naming their houses on sales lists.

NZ Property report by Realestate. co. nz depicts that the count of new listings plunged for fifth straight month in the previous month, which in turn has fuelled rumors that there is intimidating deficit of availability of property in the biggest city.

Alistair Helm from Relaestate. co. nz said that a mere 9,804 properties sprung up in the market the previous month, which is for the first time in over a year that the size of new listings has plunged less than 10,000.

Helm said that in the general, the drop would indicate that the market would thin down, if there was no excess of unsold homes in the counties and snail-like sales.

He said that mainly the slump is due to psychological setting in people's minds regarding not messing up with taking debt.

REINZ numbers from the month of July said that the sales figure plunged to its lowest in July record, which slumped by 27% in a year's time, clearly informing that it was a purchasers' market.

Given that the people have the ability to purchase with economic stability, some competitive bidding for purchase of homes could be seen.