Property sales slump - is this the sign of an imminent crash?

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Apr 12, 201915m
Property sales slump - is this the sign of an imminent crash?
Apr 1215m
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Real Estate Institute data out today revealed a whopping 12.9% drop in sales volumes in the last month. It's significant not only because of the figure, but because at this time of year, sales volumes are normally very strong. In fact, typically the number of sales usually sit well over the 7000 mark - but 6938 sales was the lowest number of properties sold for the month of March since 2011. The median number of days to sell a property increased by two days from 34 to 36 last month compared to March last year. In Auckland, it took five days longer to sell last month. REINZ is putting these figures down to banks, the Government and the prospect of a capital gains tax causing uncertainty. Chief executive Bindi Norwell says mortgage interest rates have never been cheaper, but the legislative changes on the horizon, and the difficulty accessing finance are now starting to impact the housing market, in terms of sales volumes. Also today, a report confirms Chorus failed to prevent migrant worker exploitation by subcontractors, and the gruelling journey that lies ahead for one of the youngest survivors of the Al Noor mosque shooting. Hosted by Juliette Sivertsen Twitter: @j_sivertsen

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