The downturn in the residential property market is already starting to hit the real estate industry in the pocket with commission revenue well down compared to a year ago。
The decline in overall commission levels was almost entirely driven by a decline in the number of residential property sales, which were down by more than 25% in the first quarter year-on-year.
Apart from the West Coast, the biggest declines were in Manawatu/Whanganui -37%, Auckland -31% and Waikato -24%…