House sales here hit hard

OTAGO and Southland were among the housing markets most affected as the Alert Level 4 lockdown strangled the market in April.

Real Estate Institute (REINZ) figures showed Southland had the largest drop in sales volumes, falling by 92.1%, and in Otago sales were down by 85.8%.

While the median price was up in most areas, it was down 12.1% in Otago.

In the commentary REINZ regional director Gail Hudson said Queenstown Lakes’ median prices decreased by 6.6%.

‘‘Given a considerable number of buyers are from outside the region, the lack of inperson viewings has impacted the market. Therefore, the move into Level 2 this week is very welcome.

‘‘The industry remains positive and whilst acknowledging that the loss of Airbnb will have an impact on the rental market it will be good news for renters and be encouraging for people wanting to move into the area.

‘‘The number of new listings in Level 3 was less than anticipated but that is now steadily increasing.’’

In Dunedin median prices were up 14% year on year.

National house sales dropped 78.5%.

REINZ figures show that only 1305 were sold last month across the country compared to April last year when 6082 sales occurred.

Excluding the busy Auckland market, sales dropped 82.4%, from 4357 to 767.

Nelson was down 91.6%. REINZ chief executive Bindi Norwell said the figures were unsurprising because for 27 days in April, New Zealand was in Alert Level 4. Properties could only be sold remotely using online or phone auctions or digital technology.

Of the 1305 properties which did sell last month, 656 transactions were in the first 10 days. Only 272 sold from April 1120, which included Easter. In the past 10 days, 377 properties sold. — Additional reporting The New Zealand Herald