14 Jan 2011

Lowest house sales recorded in 25 years

6:10 am on 14 January 2011

Some of the lowest house sales figures in New Zealand in 25 years were recorded in 2010.

Quotable Value says sales and prices declined during the year.

While residential property prices improved during early 2010, QV says values gradually declined from April. By the end of December, they had dropped 1.9% compared with March.

Property values in rural and provincial New Zealand particularly suffered; by December they had fallen about 2.5% compared with the same time in 2009.

Prices also fell away rapidly in Wellington, ending the year 2.2% lower compared with the same time in 2009.

QV says that though the final figures are not yet available for December, indications suggest the number of houses sold last year will be about the same as during the recession in 2008 and the lowest since 1991.

October saw the smallest number of house sales for that month since 1985.