House sales ease up slightly

There were 4,323 residential properties sold in September, compared to 4,287 in August, but sales are still at their lowest September monthly total for at least a decade. September's figures also remain less than half the total number of properties sold in September 2006, which the market was at the height of the boom.

REINZ spokesman Bryan Thomson says subdued sales could be attributed to uncertainty over the rise in GST and tax cuts, which came into effect on 1 October. He also cites the "shocking" spring weather the country has been experiencing as having an impact on the market.

"We would expect to see a pick-up in the market in coming months as warmer spring and summer weather generally brings an influx of new property listings onto the market providing more choice for buyers," Thomson says.

In the Canterbury/Westland region, the devastating earthquake on September 4 continues to have an effect, with the region's total sales of 396 for September less than half that recorded for the same month last year. It is also down 227 sales, or 36%, on August.