No spring in property markets step

Across the country residential property sales fell to 3,903 in October from 4,323 sold in September and 4,287 in August. It is the first time residential property transactions have fallen below 4,000 in October for more than a decade, or since the record low of 3,666 sales in January 2010.

"The usual spring influx of listings has been late this year but activity is picking up now and the November figures should be better," said REINZ spokesman Peter Thompson.

The REINZ Monthly Housing Price Index fell by 0.9% to 3161.5 in October and over the three months to October house prices fell by 0.8%. Compared to 12 months earlier, the REINZ Housing Price Index fell 3.5%. Housing prices are 6.5% below their November 2007 peak.

Nationally the total value of residential sales in October, including sections, fell to $1.67 billion.