September 14, 2017 / 9:17 PM / 10 months ago

NZ house prices rise 1.7 pct in August -REINZ

WELLINGTON, Sept 15 (Reuters) - New Zealand house prices rose 1.7 percent in August, but the number of properties sold across New Zealand fell 20 percent versus a year ago, the Real Estate Institute of New Zealand (REINZ) said on Friday.

“We’ve seen the number of properties sold across the country drop significantly,” Bindi Norwell, chief executive at REINZ said.

“Banks’ lending criteria and LVRs are still impacting first home buyers and investors,” she said, referring to restrictions on loan-to-value loans.

Prices were up 7.6 percent on an annual basis, REINZ said, although they were down 1.0 percent annually in Auckland, which had previously been the epicenter of house price inflation. (Reporting by Ana Nicolaci da Costa; Editing by Chris Reese)

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