Far too many people have been taken out of the property market, especially in Auckland, CoreLogic says.
CoreLogic head of research Jonno Ingerson said the winter drop in market activity had hit, and was compounded by Reserve Bank restrictions on small-deposit loans and on investors.
• CoreLogic’s data showed that fewer people were applying to the banks for money. “That means fewer out on the street looking to buy property,” Ingerson said.
• CoreLogic data shows that in Auckland, investors are 44% of the market, movers 22% and first-home buyers 21%. Six per cent of buyers were people who were new to the New Zealand market and paid in cash.
• First-home buyers were the collateral damage, Ingerson said. The number of sales to first-home buyers was the lowest in 20 years.
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