Is the labour market to blame for dropping property sales?
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Buyers are becoming more cautious in New Zealand’s housing market.
Cotality's Monthly Housing Chart shows property sales fell 4% in June compared with a year ago, marking six straight months of declining activity.
It finds first home buyers remain one of the most active buyer groups, while activity from mortgaged multiple property owners has eased.
Cotality Chief Property Economist Kelvin Davidson told Mike Hosking the drop in sales may be linked to the labour market.
He says if people can see some job security, and a bit more employment growth emerging they can get a bit more confident.
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