Auckland house sale volumes fell 7.5 per cent in August and the average selling price fell by 1.1 per cent to $711,768, says real estate firm Barfoot & Thompson.

The market is in a wait and see mode, with an election looming as is often the case.

Westpac Bank senior economist Michael Gordon said his seasonally adjusted stats showed another small drop in house sales last month, and ASB Bank senior economist Chris Tennent-Brown said he now expected the Reserve Bank to leave interest rates on hold until March next year.  He said that picking the direction of the housing market over the coming year or two was difficult.

Source and full story: NZ Herald