$60b wiped from house values

The property downturn wiped $60 billion off the value of our national housing stock and $25 billion from Auckland last year, says an industry commentator.

Kieran Trass, an Auckland property investor and analyst, yesterday released a report citing QV numbers showing the downturn resulted in Auckland house prices declining by an average of $50,000.

QV said last week that national prices had dropped 9.2 per cent in the three months to April compared to the same period last year.

Mr Trass said some parts of the country suffered more than others, and cited a 16 per cent drop in Mt Roskill house prices last year.

The slump was New Zealand's worst since records began in 1961, he said.

To read the full NZ Herald story click here

Posted: 19 May 2009

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