Housing market could be heading for a long cold winter with March sales at a 10-year low for the month and prices falling in most parts of the country
The housing market may be in danger of heading into a slump over winter, with sales volumes well down and prices starting to show significant declines.
According to the Real Estate Institute of NZ just 6752 residential properties were sold throughout the country in March, down by exactly a third compared to March last year.
In Auckland, where the property market first started to cool, the decline in sales has been even greater, with 2367 residential properties selling in March, down 41% on March last year