December saw NZ property sales plummet to lowest in seven years - REINZ

Last month saw the lowest number of residential properties sold for December in seven years, according to the latest figures from the Real Estate Institute of New Zealand, or REINZ. 

December 2018 had a decrease of 12.9 per cent year-on-year, with 5330 houses sold - a 787-house drop from December 2017. 

Excluding Auckland, New Zealand had an 8.2 per cent drop in properties sold compared to December 2017. It was the lowest for the month of December in five years.

Auckland dropped significantly, plummeting 24.3 per cent for December compared to 2017, seeing it as the lowest month of December in 10 years. 

REINZ chief executive Bindi Norwell labelled last month as "extremely quiet". 

With listings also down in November and December, Ms Norwell said it was not surprising December was also a quiet month. 

Largest annual drops in residential properties sold: 

• Auckland: -24.3% (from 1765 to 1336 – 429 fewer houses)
• Taranaki: -23.0% (from 161 to 124 – 37 fewer houses)
• Wellington: -16.2% (from 792 to 664 – 128 fewer houses)
• Otago: -14.6% (from 391 to 334 – 57 fewer houses)

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For more on this story, watch 1 NEWS at 6pm. Source: 1 NEWS

Despite the drop, December 2018 saw an increase in the national median house price by 1.5 per cent to $560,000 - from $551,750 in December 2017. 

"It was a strong month from a price perspective as every region in New Zealand saw an annual increase in the median price," Ms Norwell said.

"The last time all regions saw annual price increases was back in June 2017."

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The lowest number of houses were sold in the last month of the year, for seven years, nationwide. Source: 1 NEWS

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