House values fall nearly 10pc

House prices are continuing their downward slide in New Zealand with Auckland driving the slump.

Statistics from Quotable Value show a 9.3 per cent decline in national property values in the year to March - worse than the 8.9 per cent decline for the year to February.

That was in part due to an accelerated fall in the Auckland area, from 9.4 per cent in the year to February to 10.1 per cent in the year to March.

Valuations spokesman Blue Hancock said the Auckland region, particularly the central city and Manukau, was driving the national decline.

"Many other areas of the country are beginning to see property values flattening, particularly in provincial cities and across parts of the Wellington area," he said.

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Posted: 9 Apr 2009

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