new zealand property sales plummeted last month
News Posted On: 12 February 2010
The New Zealand property market is finally coming back down to earth, with sales plummeting in January, according to data spotted by economists on the Real Estate Institute of New Zealand's website yesterday.
The data was not meant to be seen, REINZ spokespeople have said only that this was a "glitch" and that full details of its analysis including its house price index would be released at 10am (0800 AEDT) on Friday, including its house price index. This caused confusion as to whether the data seen had been final.
A look at the REINZ website today tells us that -- unfortunate as it is -- the data is infact the final result of the REINZ analysis: residential sales in January were at their lowest level in almost two decades, with just 3,666 properties sold -- the lowest since records began and only the second time the total had dropped below 4000.
“Activity in the residential property market was quiet last month on the back of uncertainty over what actions the Government intended to take on the recently announced tax working group recommendations,” said Real Estate Institute of New Zealand President Peter McDonald.
“Hopefully the market will start to pick up now things are a bit clearer after the Prime Minister gave his opening speech to Parliament on Tuesday. He indicated the Government has ruled out proposals to introduce a land tax, comprehensive capital gains tax or new tax on residential investment properties,” he added.
While, on the face of it this seems like negative news, at the same time it will also take some of the air out of fears that a bubble is forming in the sector.
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