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Cheaper property sales fall as Reserve Bank loan restrictions bite - Property - NZ Herald News

April house sales figures show mortgage lending restrictions are hitting the bottom end of the property market the hardest as the number of house sales under $400,000 fell sharply in the past year.

Real Estate Institute of New Zealand (Reinz) monthly figures show sale numbers across the country fell 20 per cent last month compared with April last year.

But the most affordable homes were worst affected, with a 31 per cent drop in sales for properties worth less than $400,000 – 1151 fewer sales.

Sales of homes worth more than $1 million increased by 14 per cent over the same period.

Reinz chief executive Helen O’Sullivan said the figures suggested the loan to value ratio restrictions were being felt by buyers at the lower price points.

via NZ Herald News.