A real estate company says first-home buyers have been hit hard by new lending rules imposed on banks.
First National Real Estate has carried out a study assessing the early impact of Reserve Bank rules which took effect on 1 October.
Banks can now provide no more than 10% of their new mortgages by value to customers with deposits of less than 20%.
First National says its offices have reported an average drop of 27% in attendance by first-home buyers at open homes.
Chief executive Colleen Milne says the number of unconditional contracts has also fallen by 50%compared with the corresponding period last year.
Ms Milne says the new rules have disadvantaged first-home buyers and will slow the whole market.