The number of house sales has continued to drop, as prices keep rising.
The number of residential properties sold across New Zealand fell a
seasonally adjusted 3.8 percent in June, over last year, according to
the Real Estate Institute.
Median house prices across the country rose 4.5 percent in June to $585,000, up from $560,000 the year earlier.
Prices rose over most of the country other than Auckland, Waikato and
West Coast, which had flat prices, while Marlborough prices fell
slightly by 1.1 percent.
Marlborough was also an outlier when it came to sales. It led the
regions with the highest rate of increase in sales - up 18 percent over
the year earlier, to the most June sales in three years.
Turnover in the Hawke's Bay and Taranaki fell by about a quarter over
last year, although both regions recorded strong price increases of
about 10 percent.
"The number of properties sold in New Zealand during June was the lowest
for the month of June in five years," institute chief executive Bindi
Norwell said, adding that some buyers were finding it difficult to get a
mortgage.
"Feedback from parts of the country is that some people are reluctant to
list their property for sale without somewhere to move to, and with
fewer listings coming on to the market, it's slowing down the property
cycle and impacting sales volumes."
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