New Zealand’s housing market is under growing pressure with auction clearance rates in Auckland falling sharply, but estate agents report that prices have remained firm.
Up to 75% of residential properties going under the hammer in Auckland have failed to sell in recent weeks, with David Whitburn, head of Auckland-based property developer Fuzo, among those to have noticed a sharp decline in recent weeks.
“There's a slowdown in the market. The North Shore and west Auckland are still reasonably good clearance rates but some of the Auckland central rates are less than 25%,” Whitburn said in an interview with the NZ Herald.
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