House sales volumes down in Tauranga

Sales volumes in Tauranga are down 6.8 per cent year on year, according to new data from REINZ.

In September 2015, 161 houses were sold, while this September there were 150 properties sold. Volumes increased from August when 136 houses sold.

REINZ regional director Philip Searle said investor activity had continued to decline since the announcement of new Loan to Value ratio (LVR) restrictions.

Despite this, underlying first home buyer demand remained solid across the region, he said.

Mr Searle said section sales were rising, indicating an increasing preference for new builds in the face of the LVR restrictions.

According to REINZ, the median house price in Tauranga was $553,000 last month, compared to $472,500 in September last year.