The number of properties sold by Harcourts was down sharply on year ago figures but the real estate agent is hopeful of a pick up in the property market.
"October is traditionally a strong month, but according to our latest statistics the number of written sales last month
was between 25 per cent and 40 per cent down on October 2007 across our five regions," Bryan Thomson, chief executive of Harcourts New Zealand said.
Across the whole industry the number of sales nationally was down 35 per cent on the same month last year.
This follows findings released earlier this week by Infometrics, which showed property sales volumes nationally slumped 44.3 per cent in the first half of 2008, compared to the same period a year ago.
Ongoing financial turmoil in international markets and the election caused both buyers and sellers to hesitate.
"Looking forward, however, in addition to the traditional reasons why summer is usually a more active period, there are other reasons why the next few months should be more positive," Mr Thomson said.
Governments are responding to the global financial crisis and there was a decisive victory in the New Zealand election.
In addition, interest rates are trending down.
In the agent's northern region the amount of property on hand was up 69 per cent and written sales were down 40 per cent. The average price was down 11 per cent.
In the central region, property on hand was up 17 per cent, written sales were down 34 per cent and the average price was up 5 per cent.
In Wellington, property on hand was up 23 per cent, written sales were down 34 per cent and the average price was down 9 per cent.
In Christchurch, property on hand was up 33 per cent, written sales were down 25 per cent and the average price was down 18 per cent.
"A surge in the numbers selecting auction as the preferred method of sale was a highlight in the Christchurch market last month."
In South Island provincial areas property on hand was up 24 per cent, written sales were down 37 per cent and the average price was down 6 per cent.
- NZPA
