ACTIVITY in New Zealand's housing market slowed at the beginning of this year following a buoyant 1994, according to property analysts.
Fears over rising interest rates led many potential New Zealand purchasers to adopt a wait-and-see attitude in the first six months of 1995, states a report published by international property consultants Colliers Jardine.
In the summer edition of its twice-yearly survey, Asia Pacific Property Trends, Colliers Jardine analysts say this slowdown in buying activity follows two years of heady growth in New Zealand's housing market.
As many apartments in Auckland and Wellington became stuck on the market, so a number of proposed residential developments in the capital failed to proceed to construction in the first half of this year, Colliers found.
This situation contrasts with rapid expansion of the market last year, when house prices surged with the Auckland property market leading the way.
Median house prices rose 18 per cent in Auckland and 5.3 per cent in the capital over this period.