Residential real estate prices and sales in NZ falling, according to a series of new data

[Nicholas Wallwork]

Residential property sales in New Zealand have fallen to their second lowest volume in a June month in the past decade as the property market struggles, according to the latest figures to be published.

Data from the Real Estate Institute shows that total residential sales fell to 4,575 last month from 5,206 in May, and 6,040 in June last year. It is only the second time in the past 10 years that a June month has recorded fewer than 5,000 sales, the first being in 2008.

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