(Source: International Herald Tribune)
New Zealand house prices fell in the year to August as the economy slowed and are likely to fall further before recovering, Quotable Value, the country's largest valuation and property information company, said.
QV's residential house price index eased 4.5 percent in the month from a year earlier, its second monthly decline in a row, after a 2.2 percent fall in July and a 0.1 percent gain in June. QV said a number of properties were selling at reduced prices as sellers adjust their expectations.
"Many buyers are realizing that price decreases are making this a good time to buy, and that they can bargain strongly," it said. "As a result there will be further declines in value before the market levels out."
Originally published by Reuters.
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