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House sales hit 40 year low amid cost of living crunch

Property market news
FILE PHOTO.

Interest rate hikes and tighter lending rules have triggered the biggest property sales slump in nearly 40 years.

This is the conclusion of recent research conducted by property data and analytics company CoreLogic NZ.

Research showed that in the year to February 2023, a total of 60,8029 properties were sold throughout the country, the lowest total since October 1983. For the month of February 2023 about 4,100 properties were sold, making it the lowest total for that month since 1981.

CoreLogic NZ Chief Property Economist Kelvin Davidson said the figures are striking and show just how quiet the market really is.

“Few vendors are in a hurry to sell, given that unemployment remains low. And those buyers who have secured finance know that they can take their time too, with listings abundant and prices falling. This is a recipe for low levels of sales,” Mr Davidson said.

There were also indications first home buyers had ‘pulled back’ from the market, waiting for interest rates and prices to fall.

CoreLogic NZ’s month House Chart Pack can be downloaded from their website, while a full summary article can be found here.

Image credit: Michael Tuszynski

 

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2 COMMENTS

  1. Build it all up with mass immigration and low interest rates, indebt young people and then raise interest rates and take it all down so those pulling the strings can snap it all up leaving the young with nothing.

    Utterly disgusting what the governments of the past 30 years have done to New Zealanders.

    Vote Labour and National OUT or we get more of the same.

  2. Parliament is a cess pool they are killing this country time for new parties to step up and New Zealanders to think before they vote.

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