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Figures from Terralink International show there was a 28% decrease in mortgagee sales in Otago when comparing third-quarter data with the previous quarter.
In the first quarter there were 38 sales in Otago, in the second 36, and in the third 26.
The largest decrease was in Queenstown where sales dropped from 21 in the previous quarter to 10 in the third quarter, which ended in September.
In Dunedin, mortgagee sales had gone up by two, while Waitaki stayed on two and Clutha had one.
Real Estate Institute of New Zealand (REINZ) Queenstown spokesman Kelvin Collins said the figures were showing the market had stabilised with most mortgagee sales the ''clean-up'' of developers who got caught in the economic downturn three years ago.
''We're pretty much back to [a] standard normal market.''
Good November sales figures had also boosted that impression and if December sales were on par, he was predicting an 18% lift in sales for 2012.
''We've got investors and the holiday home market back, soits looking like we're back to normal.''
REINZ Dunedin spokeswoman Liz Nidd said it was a similar picture in Dunedin although she had two mortgagee sales come across her desk just before Christmas.
''I think it's just coincidental.''
November sales figures for Dunedin were up 30% on the year before.
''We've had our best year ever, better than good times in '06. I think confidence has increased dramatically.''