NZ data - REINZ house prices, sales (House Sales July -24.5% (prior -24.7%))
Real Estate Institute of New Zealand data
And, the REINZ House Price Index
- value of dwellings in New Zealand overall increased by 1.2%
- Excluding Auckland, national values increased by 7.5%, whereas in Auckland dwelling values have decreased by -2.1%
Bindi Norwell, Chief Executive, REINZ says:
- "The number of sales across New Zealand has dropped significantly in comparison to the same time last year. A key reason for this is that the two biggest hurdles to purchasing a house right now are access to finance as the banks continue to tighten their lending criteria and LVR restrictions. This creates an intimidating barrier to entry to the real estate market, particularly for those saving for their first home.
- No matter where we are in the country, agents tell us that there are a good number of buyers out there, but that these two issues are impacting both investors and first-time buyers alike. When you throw in an election, winter, school holidays and one of the wettest Julys on record, it's little wonder the number of properties sold last month fell so significantly. "
- 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"