Residential property sales hit a trough

REINZ data show sales dropped 32.8% in February from 8,324 in February 2021 to 5,597.  For the month between January and February sales declined 3.2%. February is usually the biggest sales month of the year,

Across the New Zealand, excluding Auckland, sales dropped  28.8% in the February year from 5,412 to 3,856. Auckland was hardest hit with sales declining by 40.2% from 2,912 in February last year to 1,741 - the lowest February sales count since 2019.

Regions with the greatest annual percentage decrease in sales volumes were:

• West Coast, dropping 55.6% annually from 90 to 40 — the lowest sales count for a February month since 2017.
• Taranaki, declining 41.3% annually from 206 to 121 — the lowest sales count for a February month since records began.
• Manawatu/ Whanganui, dropping 40.1% annually from 382 to 229 — the lowest sales count for a February month since records began.