The Real Estate Institute is calling for a review of loan-to-value restrictions as property market turnover drops to its lowest non-Christmas level since 2014.
The number of properties sold across New Zealand in July fell by a quarter when compared to the same time last year, and the number of properties sold in Auckland fell by 30.6 per cent, the institute’s latest data shows.
That is the lowest level of sales, apart from Christmas periods, since August 2014.
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Real Estate Institute chief executive Bindi Norwell says LVR rules are stopping young people buying houses.