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Number of homes sold fall as prices rise nationally - REINZ

Newshub logoNewshub 12/07/2019 Jamie Ensor
Aucklanders think their houses are going to drop in value for the first time in 10 years. © Video - The AM Show; Image - Newshub. Aucklanders think their houses are going to drop in value for the first time in 10 years.

The number of residential properties sold across the country took a tumble in June from the same time last year.

The Real Estate Institute of New Zealand (REINZ) announced on Friday that the number of residential properties sold nationally in June fell by 3.8 percent from the same time last year.

In June 2018, 6213 residential properties were sold, while last month 5978 were purchased nationally. When Auckland is taken out of the mix, the number of properties sold fell by 4 percent.

In Auckland, the number fell by 3.2 percent year on year, but the largest tumble was seen in Hawke's Bay with a 26.8 percent decrease, followed by Taranaki with a 24.9 percent fall and Tasman with a 13.9 percent fall.

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On the flipside, Marlborough saw an 18.1 percent increase in the number of properties sold, while Nelson increased by 7.2 percent.

REINZ chief executive Bindi Norwell said it was the lowest number of properties sold in June for five years, however, with the number of new listings also falling by 7.3 percent, it wasn't surprising.

"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," she said.

"When you combine that with the difficulty some buyers are still reporting over access to finance, it is understandable why sales volumes are falling across most parts of New Zealand."

Median house prices nationally increased by 4.5 percent in June to $585,000, up from $560,000 in June last year and an equal record with March's price. Without including Auckland, prices have jumped 5.4 percent.

The Auckland median house price remained flat at $850,000 - the same as last month and this time last year.

In Manawatu-Wanganui, prices saw a 23.3 percent increase at $370,000 up from $300,000 this time last year.

The number of homes sold for less than half a million dollars fell from 41.8 percent of the market to 39.1 percent. Those in the $500,000 to $750,000 bracket increased from 29.2 percent in June 2018 to 30.7 percent, while those which sold for more than a million dollars fell from 14.5 percent of the market to 13.1 percent.

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