House sale volumes in Auckland have declined in April, to their lowest level for the month, since the 2008 global financial crisis according to Barfoot & Thompson.
• Sales in April were down 4% from March and 30% below April last year.
• With a shortage of housing & a growing population in Auckland it has prompted the Reserve Bank to introduce macro-prudential tools to restrict high leverage mortgage lending.
• Barfoot & Thompson have said that the decline in sales numbers was felt evenly across all price ranges.
• “Relatively low inventory levels, sluggish growth in housing construction and high population growth all suggest there remains some way to go before the Auckland housing market rebalances,” ASB economist Kim Mundy said in a note. “As a result, we expect a floor to remain under Auckland house prices over 2017.”
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