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Don’t expect a housing market turn

Thursday 14th of July 2022

This comes from a steep drop in house sales from already-depressed levels, down by 12% in June in seasonally adjusted terms, REINZ figures show. Sales are now at their lowest in more than a decade.

Westpac acting chief economist Michael Gordon says falling sales are usually a harbinger of further price declines, although that relationship took a while to assert itself in 2021.

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