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Lowest Sales Volumes in 8 months are result of extremely low listing numbers in July

The low number of new listings in July has meant that the number of houses sold in New Zealand during September decreased by -3.0% year-on-year. This was the lowest level number of properties sold since January this year, according to the latest data from the Real Estate Institute of New Zealand (REINZ).  In Auckland, the number of properties sold decreased by -2.1% or 35 fewer properties, from 1,651 in September 2017 to 1,616 in September 2018.

Bindi Norwell, REINZ CEO, reported that “the Auckland market continues on its stable trajectory that it has been on for some months now. With no major changes to market conditions anticipated, we expect that the market will stay the same for the next few months. There is less interest from first home buyers and fewer investors when compared to September 2017 – but compared to the past few months we’re starting to see interest levels rising from both first-time buyers and investors. With listing numbers up significantly in September we expect a lift in volumes going forward.”

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