The housing slowdown shows a major downturn for conveyancers
LawFuel.co.nz – Legal Jobs & Law News – Figures released by the Real Estate Institute indicate something all conveyancing lawyers already knew – legal fees are way down.
The REINZ figures show that real estate sales were the lowest they’ve been since 1992 last month, at 3700.
There were 35,145 fewer dwelling sales in the year to 31 January.
One might assume 70,000 fewer conveyancing transactions also occurred on both ends of those non-existent deals. At an average of $500 per deal, that’s a gross shortfall of $35 million in conveyancing fees.
The Real Estate Institute of New Zealand (REINZ) has recorded the lowest number of monthly sales since 1992, January sales figures released by REINZ today reveal.
REINZ president Mike Elford said that well priced properties coming on the market are selling and are holding their value to a reasonable degree (January 2008 national median house price was $340,000 compared with $325,000 January 2009).
Of greater concern is not the price of houses, but the very limited turnover. The number of home sales nationwide in January was 3,706, significantly less than same period in 2008 (5,186), and also less than December sales of 4,302.
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