Plummeting house sales

House sales volumes have collapsed by a quarter in the last year, prompting the Real Estate Institute to make a desperate call for an end to the Reserve Bank’s stringent lending restrictions for first-time buyers.

The Real Estate Institute has this morning released July national house data, showing how national house sale volumes fell by 24.5 per cent last month compared to July last year.

“The LVR restrictions have done their job of slowing the market, but now it seems they are acting as a handbrake which is why REINZ is calling for LVRs to be reviewed for first time buyers,” said REINZ chief executive Bindi Norwell.

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REINZ has issued its data on July house sales, revealing volumes sold and prices. Photo/Chris Loufte

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