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Plummeting house sales prompt plea for lending squeeze to end
http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=11902208
House sales volumes have collapsed by a quarter in the past year, prompting the Real Estate Institute to make a desperate call for an end to the Reserve Bank's stringent lending restrictions for first-time buyers.
The Real Estate Institute this morning released July national house data, showing how national house sale volumes fell 24.5 per cent last month compared to July last year.
"The LVR restrictions have done their job of slowing the market, but now it seems they are acting as a handbrake, which is why REINZ is calling for LVRs to be reviewed for first-time buyers," said chief executive Bindi Norwell.
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