Fiji Time: 4:31 PM on Saturday 17 March

Fiji Times Logo

/ Front page / Business

Statistics reveal significant drop in Auckland's house sales

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.

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.65100.6320
JPY 53.691350.6913
GBP 0.35690.3489
EUR 0.40560.3936
NZD 0.69210.6591
AUD 0.64290.6179
USD 0.50070.4837



Exchange Rate updated on 16th, March, 2018

Today's Most Read Stories

  1. 'Forced to go'
  2. Man released on strict bail
  3. Speaker orders Nawaikula to withdraw accusation
  4. Former inmates raise concerns
  5. Accommodation woes
  6. State to upgrade aging infrastructure
  7. Seaweed farming costly for women
  8. Solar energy project
  9. A-G clarifies ownership
  10. Motion to review Act defeated

Top Stories this Week

  1. Sims' 100th game Thursday (15 Mar)
  2. Cessna heroes Monday (12 Mar)
  3. Picking up the pieces Tuesday (13 Mar)
  4. Men urged to marry Thursday (15 Mar)
  5. Man to appear in high court for wife's death Monday (12 Mar)
  6. A star in the making Thursday (15 Mar)
  7. The faith Monday (12 Mar)
  8. Baravilala's ode to Cessna victims Thursday (15 Mar)
  9. 7s hunt Tuesday (13 Mar)
  10. Golden chance Tuesday (13 Mar)