Sales volumes up, prices down in September

The latest Real Estate Institute of New Zealand (REINZ) housing market data also revealed that when adjusted for the seasonal pattern expected at this time of year, the volumes are approximately 2.3% weaker.

The national median house price eased by $5,000 to $350,000 (-1.4%) in September compared to August and is flat compared to a year earlier.

"The volume data indicates that the New Zealand real estate market is in better shape when compared with this time last year and with volumes up over 20% compared to September last year and a continued reduction in the number of days to sell," said REINZ chief executive Helen O'Sullivan.

"That improvement is flattening out with a weaker than usual seasonal lift from August volumes. There is clear evidence from across the country that buyers are very focused on value and are well informed about what they can afford and are prepared to pay."