Auckland sales at lowest since 2008

Sales volumes at this time of year are traditionally very strong – but, according to REINZ, the number of properties sold in March was down by 12.9% to 6,938, as compared to 7,964 in March last year.

In Auckland, the number of properties sold fell by 18.2% year-on-year (from 2,451 to 2,006), which is the lowest for the month of March since 2008.

But it’s worth noting that sales volumes were up on February both nationally and in Auckland, by 14% and 45.3% respectively.

REINZ chief executive Bindi Norwell put the blame for the decline on looming legislative changes – which include tenancy law reform and the possibility of a capital gains tax - and difficulty accessing finance.