REINZ figures released today showed the year ended on a slow note, with the lowest number of residential properties sold for the month of December for seven years.
The data showed a 13 per cent annual fall in national house sale numbers, from 6,117 in December 2017 to 5,330 last month.
Auckland was particularly hard-hit by low sales last month, with a 24 percent decline between December 2017 when 1765 places were sold, and last month when just 1336 places were sold.
In November, Reserve Bank Governor Adrian Orr commented that both mortgage credit growth and house price inflation had eased to more sustainable rates.
Banks are now allowed to lend 20 per cent of their new loans to owner-occupiers with a deposit of less than 20 percent.
That is up from the previous level of 15 percent.
“The fact remains that the vast majority of New Zealanders buy houses as homes to live in and intend to hold onto them for many years. The unsurprising fluctuations in the paper value of what will most likely be their biggest asset – won’t have a material impact on their lives.” says BNZ’s retail network general manager Logan Munro.