Big Auckland property deals slump 87pc

Multimillion-dollar Auckland investment property deals have come to a crashing halt.

In the most dramatic sign yet of how the credit crunch is walloping real estate, a study just out showed the value of commercial property sales sank 87 per cent in Auckland this year compared to last year.

Zoltan Moricz of property consultancy and agency CB Richard Ellis in Auckland revealed the drop in the volume and value of deals and said agents were not having much fun.

Last year, $2.7 billion worth of real estate was sold. But in the 10 months to October, just $340 million was sold.

Moricz studied $5 million-plus deals on commercial, industrial, retail, vacant land, accommodation and retirement properties.

Just 33 Auckland properties went for $5 million-plus this year compared to 118 $5 million-plus deals at this time last year.

To read the full NZ Herald Story, click here

Posted: 27 Nov 2008

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