House sales fail to pick up despite cheap prices

Harcourts, the country's largest real estate agency, said last month's house sales were extremely disappointing and the lack of deals confounds logic.

Bryan Thomson, Harcourts' chief executive, said September was usually a busy month but the "fear factor" was stalking the sector.

"In lots of ways, the current situation confounds good logic especially when it comes to buyers in the residential property sector," he said.

Most New Zealanders buy a house as a place to live and those places are getting cheaper, he said, as interest rates fall, taxes are cut and house prices ease.

To read the full NZ Herald article click here

By Anne Gibson 

Posted: 22 Oct 2008

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