New Zealand house prices fall in year to August: survey

New Zealand house prices fell in the year to August, as the economy slowed, and were likely to fall further before recovering, government agency Quotable Value (QV) said on Monday. 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 Valuations' Blue Hancock said a number of properties were selling at reduced prices as sellers adjust their expectations.