NZ house sales fall 14.8% in May from year earlier, LVR curbs crimp lower-value sales

Sun, 15 Jun 2014

By Jonathan Underhill June 16 (BusinessDesk) - New Zealand house sales fell in May from the same month last year and the volume of sales below $400,000 tumbled suggesting some heat is coming out of the market and restrictions on low-equity loans are sapping demand at the cheaper end of the market. Sales rose 15.9 percent from April to 6,572 in May and were down 14.8 percent from the same month of 2013, according to the Real Estate Institute of New Zealand. The national median price fell $2,250 from April to $430,000 to be up $38,000 from...

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