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Tough economic times push potential buyers to rent

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Ongata Rongai recorded the highest increase in land prices among satellite towns. [iStockphoto]

The market is showing a skewed preference for rental properties in the latest indices by a real estate firm owing to the challenging economic times that have depressed buyers' earnings.

The indices which cover the third quarter of 2023 revealed a drop in average sales prices of 1.1 per cent in the quarter, resulting in a 3.7 per cent drop in the year to September 2023.

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