residential properties


PHOTO: SUPPLIED Auckland house sales were down almost 20 per cent compared to the year before.

House buyers and sellers are sitting on their hands, new data shows.

Real Estate Institute figures reveal that the number of residential properties sold in Auckland in February was down 17.9 per cent compared to the year before. The 1358 sold in the city in the month was the lowest number for any non-January month since October 2010.

With 6387 salespeople holding active licenses in Auckland, there were more than four agents for every sale.

Economist Cameron Bagrie, of Bagrie Economics,  said the turnover drop showed a disconnect between what sellers wanted and what buyers were prepared to pay.



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