Turnover down again in REINZ stats
The 5481 homes sold last month was down 16.3% on the same time in 2013 and down 7% from July.
The national median price increased $30,000 on the year before, to $420,000.
REINZ chief executive Helen O’Sullivan said: “The real estate market appears to be ‘idling’ as buyers and perhaps even more so, sellers, await the outcome of the September 20 election. Sales volumes are 7% down from July 2014, and are 16.3% down on 2013 levels. The upcoming election is not the only factor however, as this is the tenth consecutive month of sales volumes being below the prior year’s levels.”
She said LVR restrictions were still being cited as a significant factor but a lack of listings was also an issue in most parts of the country as low stock levels restricted buyer choice.
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