NZ records fall in house sales

NZ records fall in house salesAccording to the latest figures released, the total housing sale has fellen in New Zealand market.

The data also showed that the median price of homes are increasing in the country. The Real Estate Institute of New Zealand said that the sale of houses in the Western Bay fell during the month of March.

Figures showed that Tauranga housing sales fell 21 per cent to 127 from 163 a year ago. However, the median price increased 11.8 per cent to $388,000 from $347,000. The sales in Mount Maunganui-Papamoa fell 17.9 per cent from 123 to 101 and the median prices increased 5.9 per cent to $450,000 from $425,000.

Ross Stanway, the chief executive officer of Tauranga Realty Services said, "We are seeing fewer sales but the average price has increased so that is pushing up the median price." He also said the data is in line with the trends in the market from the previous few months.

Experts said that the Reserve Bank's loan-to-value ratio (LVR) lending restrictions have affected sales in the housing market.