19 Nov 2008

House sales down 44%

4:11 pm on 19 November 2008

The number of houses being sold in New Zealand dropped dramatically in the first half of this year.

An analysis by Infometrics shows a fall of 44% in house sales in the first half of 2008 when compared to the same time last year.

It is the largest decline over a six-month period that Infometrics has recorded.

Managing director Gareth Kiernan attributed the decline on a drop in the number of people buying houses as investments and high interest rates over the past two years.

He says a recent drop in rates should help lift the market again.