This is good news for investors if the trend continues as fewer sales = better bargains
House sale slump blamed on mortgage braking
A sharp fall in the number of houses sold last month has been blamed on the Reserve Bank’s mortgage lending restrictions to low-deposit borrowers.
The Real Estate Institute of New Zealand (REINZ) this afternoon released its statistics for April, showing only 5670 dwellings were sold – a 22.5 per cent slump from March, and a 20 per cent fall year-on-year.
The figures showed a deepening of the trend of weaker sales volumes.
REINZ chief executive Helen O’Sullivan said April was generally a softer month, coming off the back of a strong March with the added complications of school holidays and Easter.