The number of houses sold in New Zealand fell in December from a year earlier as the national median sale price rose to a new record, according to Real Estate Institute figures.
The number of houses sold fell 1.1 per cent to 5,688 in December from the same month a year earlier, and were down 18 per cent from November, a bigger drop than the average decline, REINZ said in a statement.
The fall in sales volumes was led by Manawatu/Whanganui, where turnover dropped 37 per cent, followed by a 27 per cent slide in Southland and a 24 per cent decline in Wellington.
The median sale price rose 0.5 per cent to $427,000 in December, and was up an annual 9.8 per cent.
Prices in Auckland, which have been driving growth over the past year, fell 3.2 per cent to $620,000, and were up 12 per cent on the year.
“The softer trend in sales noted in November 2013 continued into December,” chief executive Helen O’Sullivan said.
“Further data is needed over the next few months to determine if this is a new (price) trend, or a short-term effect caused by a change in the pace of sales at lower price points given the increased complexity some buyers in these price points now have to navigate.”
In October, the Reserve Bank imposed restrictions on lending with small deposits as bubbling housing markets in Auckland and Christchurch, which typically account for half the nation’s property turnover, raised fears about the nation’s financial stability if there was a sharp correction.
The average number of days to sell a property slowed to 32 days from 31 days in November, and was unchanged from a year earlier.