New Zealand Sees Record-Low House Sales as Buyers Sidelined
Sales of residential and lifestyle properties fell to 13,890 in the fourth quarter last year.
Photographer: Fiona Goodall/BloombergThis article is for subscribers only.
New Zealand house sales fell to a record low in the three months through December as interest-rate hikes and plunging property prices pushed buyers to the sidelines.
Sales of residential and lifestyle properties fell to 13,890 in the fourth quarter last year, which was the lowest since records began in 1990, according to CoreLogic New Zealand data published by the Reserve Bank Tuesday in Wellington. The volume is below the previous low of 15,579 seen during the financial crisis of 2008.