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Statistics reveal significant drop in Auckland's house sales

Rnzi
Saturday, August 12, 2017

AUCKLAND'S property market is continuing to cool dramatically, with sales for July down 30.6 per cent on the same month last year.

The latest statistics from the Real Estate Institute (REINZ) also show a significant fall in house sales nationally, which have dropped by 24.5 per cent.

The institute said tougher lending rules were to blame for much of the fall.

It said strict loan-to-value ratios have done their job of cooling the market but now they were going to far.

REINZ chief executive Bindi Norwell said these created an intimidating barrier to entry, particularly for those saving for their first home.

"The LVR restrictions have done their job of slowing the market, but now it seems they are acting as a handbrake which is why REINZ is calling for LVRs to be reviewed for first time buyers," Ms Norwell.

She said the wet weather and school holidays in July would also have brought down the number of sales.








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