Auckland house sales weren’t constrained by tougher Reserve Bank rules in October, Barfoot says

Mon, 04 Nov 2013

By Tina Morrison Nov. 5 (BusinessDesk) – Auckland house sales are showing no early signs of being restrained by Reserve Bank restrictions on high loan-to-value home loans introduced last month, according to realtor Barfoot & Thompson. Sales rose 8.9 percent to 1,203 in October from September, the firm said in a statement. The average price rose 0.8 percent to $663,123 while the median price declined 1.7 percent to $590,000. From Oct. 1, the Reserve Bank has required banks to restrict mortgage lending to borrowers with less than a 20 percent...

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