Regional first-home buyers acting fast: REINZ
It has released its latest data, showing there were 6548 dwelling sales in the month of August, up 8.5% on August last year but 3.4% lower than July.
The national median price rose $5000 compared to July to $390,000, and is now $10,000 below the record median set in March 2013.
Chief executive Helen O’Sullivan said: “Agents from around the country are reporting strong activity from first-home buyers moving to secure properties ahead of the Reserve Bank’s LVR changes. However, the reports suggest that this is occurring more in the regions, rather than in Auckland and Christchurch where we are seeing the greatest price pressure.”
She said the market was active overall, with sales volumes about what would normally be expected for this time of year. “There are, however, signs of a slowdown in the rate of sales volume growth. In August last year sales growth was running at 12% per annum and peaked at 33% per annum in April. Now, it has eased to 9% per annum and is trending down.”
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