New Zealand property sales fell 12 percent in September

New Zealand residential sales dropped by nearly 12 percent year-on-year in September, Interest.co.nz reported, citing data from the Real Estate Institute of New Zealand. The institute recorded 5,752 residential sales across the country during the month, which represents an 11.6 percent decline compared to September of the previous year. [1]

In Auckland, the largest housing market in the country, residential sales fell by 19.0 percent year-on-year, Interest.co.nz reported. Outside of Auckland, sales across the rest of New Zealand declined by 8.2 percent compared to the same month last year. [1]

National property prices also recorded a decrease, falling 1.5 percent overall, according to Interest.co.nz. Meanwhile, total property inventory rose during the same period, with stock levels increasing by 11 percent compared to the previous year. [1]