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Home sales plummeted in January to their lowest level in nearly two decades, says the Real Estate Institute of New Zealand. Institute President Peter McDonald says the total figure of 3,666 dwellings sold in January this year was the lowest monthly total since electronic records began in 1992 and was only the second time the total figure had dipped under 4,000.
The volume of houses sold nationally last month plunged 17 per cent and the market has slipped. Shamubeel Eaqub, economist at NZIER, said the Real Estate Institute had yesterday posted housing figures on its website but issued no general statement with the numbers.
The usual January jump in property sales has not happened and potential tax changes could be to blame.
Auckland's average house sale price fell by $47,632 between December and January. Barfoot & Thompson's data yesterday showed December's average $552,933 sale price dropped to $505,301 last month.
The NZ property market continues to be in a "dormant" phase, according to a monthly report from realestate.co.nz. Fewer new listings are coming on to the market, and sales are subdued, the report says.
Property sales plunge in January
15 Feb 10
