Property sales plunge in January

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 numbers, while officially released this morning, were inadverdently
released on the institute's website earlier this week.

"Activity in the residential property market was quiet last month on the back of uncertainty over what actions the Government intended to take on the recently announced tax working group recommendations," he says.

"Hopefully the market will start to pick up now things are a bit clearer after the Prime Minister gave his opening speech to Parliament on Tuesday. He indicated the Government has ruled out proposals to introduce a land tax, comprehensive capital gains tax or new tax on residential investment properties."

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