Radio New Zealand - Te Reo Irirangi o Aotearoa

House sale numbers tumble

Updated at 6:55 pm on 18 November 2008

The number of house sales in the first half of the year has hit a record low, falling by 44% compared with the same period last year.

The previous record was in 1974 when sales volumes dropped by 39 %.

Economic consultants Infometrics compiled the figures in a report that showed the average price in the three months to August was down 3.1%.

Economist Gareth Kiernan says the drop in sales is huge.

Mr Kiernan says people's confidence in the housing market fell during the past 12 months as high interest rates took their toll.

He says further falls in house prices are expected, but more buyers might take interest in the housing market later next year in the search for bargains.

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