The real estate industry has experienced an increasing number of deals falling over because of finance, according to a real estate industry leader.

The New Zealand property market continues its holding patterns as we wait for an election outcome, new figures from Trade Me Property’s Price Index shows.

Head of Trade Me Property Nigel Jeffries said the average asking price for a typical Kiwi house has stalled for a second month, up a minuscule 1.1% year-on-year in September and down 1% on August to $607,400.

The number of property sales across the country dropped 26% last month, with all 16 regions recording a decline, according to the Real Estate Institute (REINZ).

A total of 5,428 properties were sold across the country in September, down from 7,352 sales in September 2016 and marking the lowest level for the month in six years, REINZ said.

Affordability has improved in seven out of 13 New Zealand regions from June to August, showing an improvement in national affordability of 2.1% for the quarter, latest home affordability figures from Massey University show.

Auckland's housing market stalled in the last three months with property values falling by 0.6 per cent and buyers unable to get finance being blamed.

Monthly building consents for new homes reached a 13-year-high in August, driven by a spike in apartments and retirement village units in Auckland, Statistics New Zealand announced last week.

The economy and financial system remain on a sound footing, despite continuing challenges in the global environment, the Reserve Bank of New Zealand’s (RBNZ) latest annual report shows.

The median sales price of a typical Kiwi property has remained stable at $480k over the past 12 months – this is despite nationwide sales volumes dropping by 29.3% from a year ago, according to the latest Valocity regional insight report from the Property Institute of New Zealand.

The impact of the election on the property market can already be largely predicted, even though the final make-up of the government could be weeks away, the Property Institute CEO Ashley Church says.

The Reserve Bank announced this morning that the Official Cash Rate (OCR) would remain unchanged at 1.75%.

Mortgage interest rates have been stable with major banks two-year fixed rates staying within the 4.82% - 4.84% range between February to August.

In Auckland, the fall in house prices combined with stable interest rates are expected to reduce the mortgage payments by $50.97 a week, according to the latest home loan affordability report from