Property Bubble Bursts!

The number of properties sold across the country fell 20 per cent in August – the equivalent of 47 fewer houses sold each day.

The latest data from Real Estate Institute of New Zealand (REINZ) shows a decline in sales in every region, which has only happened three times in the past seven years.

Sales in Southland were down 37.3 per cent, Northland was down 29.4 per cent, Taranaki down 25.9 per cent, Waikato 25 per cent and Auckland 21.5 per cent compared to the same month last year.

REINZ chief executive Bindi Norwell said banks’ lending criteria and loan-to-value ratios (LVRs) were still affecting first-home buyers and investors.

House sales continue to decline in August. Photo / Michael Craig