A “perfect storm” of market conditions led to a record drop in the number of properties listed for sale last month, listings website Realestate.co.nz says.
The website said the number of new listings across the country fell 17.5 per cent in July compared to the same time in 2016.
Spokeswoman Vanessa Taylor said the extent of the fall was a surprise. She said the 7933 new listings was the lowest number for any July since her records began in 2007.
CHRISTEL YARDLEY/FAIRFAX NZ
Fewer houses are being listed for sale by auction.