Fewer properties sold in first quarter of 2022

Fewer properties were sold in the first quarter of this year than at any other point in about a decade, with higher mortgage rates and reduced credit availability having a big impact. According to CoreLogic's latest property update, released this morning, it's now "abundantly clear" that the long-awaited slowdown of New Zealand's residential property market has finally arrived. It says that the the first few months of 2022 have been "genuinely weak", with the decline in activity also reducing property values. Corelogic's findings seemed to be reflected at Barfoot & Thompson's online auctions yesterday, where just two out of the 24 properties under the hammer were sold. It's a similar story at other real estate agencies and joining Nathan Rarere to tell discuss what they've been seeing is Ray White Real Estate chief operating officer Daniel Coulson.