The usual spring surge in the housing market has failed to arrive this year, with sales volumes falling rather than rising although prices are holding up reasonably well.
The Real Estate Institute of NZ says it recorded 6727 residential property sales in October, down 9% compared to September and down 14% compared to October last year.
The national median selling price was $510,000 in October, down $5000 compared to September, although record high median median prices were set in Auckland, Northland, Waikato/Bay of Plenty and Southland.
In the Auckland region the median selling price was $868,000 in October, up 5.2% compared to September and up 16% compared to October last year.
The North Shore was only part of Auckland where the median price declined, dropping to exactly $1 million which was down 2% compared to September.
The monthly median price increases throughout the rest of the region ranged from 2% in Papakura/Franklin to 10.4% in central Auckland.
However sales volumes throughout the region were down 11.9% in October compared to September, and down 16.1% compared to October last year.
The biggest decline in sales numbers within the Auckland region occurred in Waitakere, where volumes were down 21.3% compared to September, and down 22.2% compared to October last year.
In the Waikato/Bay of Plenty median selling prices declined in Tauranga (-0.5%) and Mt Maunganui/Papamoa (-1.1%) and Taupo (-2.5%) compared to September but were up 1.4% in Hamilton.
However the number of residential properties sold in the Waikato Bay of Plenty in October was down 9.3% compared to September and down 25.4% compared to October last year.
In the Wellington region the median price was down 0.6% compared to September while sales volumes dropped 8%.
In Christchurch the median selling price dropped by $10,000 (-2.2%) compared to September while the volumes of sales fell 11.5% and was 23.8% lower than October last year.
REINZ spokesman Bryan Thompson said the latest loan to valuation ratio mortgage lending restrictions imposed by the Reserve Bank appeared to be mainly affecting sales of lower priced properties homes.
"Our data suggests that the impact of the revised LVR rules is having more of an effect on lower priced sales compared to higher priced sales, with a surge in the percentage of sales over $1 million and a noticeable decline in the number of sales below $400,000 compared to a year ago," he said.
"The market for lower priced properties is becoming more difficult for both buyers and sellers."
Click on the link below for the REINZ's full regional sales statistics for October: