An indicator of New Zealand’s depressed market, the number of properties sold in the area of Rororua last month fell to its lowest level since January. The average property price also fell to a meagre $215,000, which proved disappointing for the real estate sector.

New figures from the Real Estate Institute of New Zealand show that there were only 53 sales of properties in the area last month; way off previous consecutive months which saw sales in the 60s.

A spokesperson for a real estate agent in the area said: “The October results are a little bit disappointing. I thought we were heading in the right direction during July, August and September. It just goes to show the market is still very unpredictable…People are worried about the world economies and are putting off making decisions.”

This fall in sales however does mean that sellers are more desperate than ever to sell their home, hence dropping the asking price enabling buyers to pick up a bargain. The lower priced properties in the area were selling best.

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