The institute said it was the fifth-slowest July on record.<\/p>\n
The picture was mixed around the country, though. Otago\u2019s house price index hit an all-time high and Canterbury had the fourth-busiest July since the institute\u2019s records began.<\/p>\n
Real Estate Institute of New Zealand chief executive Lizzy Ryley said the Official Cash Rate increase, cost-of-living pressure, global uncertainty and the approaching election were all factors.<\/p>\n
New Zealand\u2019s prices are still down 17% from the peak, while Auckland\u2019s are down 25% and Wellington\u2019s are down just over 29%.<\/p>\n
Compared with last year, Auckland\u2019s prices are down 1.7% and Wellington\u2019s 4.4% but Canterbury\u2019s are up 4% and Otago\u2019s almost 5%.<\/p>\n
Real Estate Institute of New Zealand chief corporate affairs officer Trey Sarten said the drop in activity was noticeable.<\/p>\n
\u201cIt\u2019s interesting because it\u2019s a bit of an infinite loop because the buyers having more time and choice leads to longer time on market, so the inventory starts to build up and the vendors are not blinking on price and so there is a bit of a stand-off of who\u2019s going to blink first.<\/p>\n
\u201cI think generally there is uncertainty across the board, and so whether it\u2019s with New Zealand as a country or globally with events around the world happening, whether that\u2019s political or natural events, there is uncertainty that is preventing people from making a decision, so buyers are continuing to be cautious and sellers are holding out for that right offer to come along.\u201d<\/p>\n
He said the steadiness in the market was likely to continue while uncertainty was high.<\/p>\n
\u201cBut it\u2019s certainly not one national story as regions continue to operate on different speeds.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The institute said it was the fifth-slowest July on record. The picture was mixed around the country, though.…\n","protected":false},"author":2,"featured_media":567380,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[138,813,279388,3339,5832,225,111,139,69,90,1974,37136,812,223],"class_list":["post-567379","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-edmunds","tag-fifthslowest","tag-housing","tag-july","tag-market","tag-new-zealand","tag-newzealand","tag-nz","tag-on","tag-record","tag-standoff","tag-susan","tag-the"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/567379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=567379"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/567379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/567380"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=567379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=567379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=567379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}