Property prices dip 6.8 per cent in year

Residential property prices fell 1 per cent in October, taking the annual decline to 6.8 per cent, according to QV Valuations.

"Activity levels remain unusually low, especially considering that spring usually brings an upsurge in the number of house sales," said Blue Hancock of QV Valuations.

The average New Zealand sale price for October remained steady at $379,290.

Both buyers and sellers have been waiting to see the impact of the financial crisis, dropping interest rates and the election before committing to property transactions.

To Real the full NZ Herald article click here

Posted: 10 Nov 2008

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