New Zealand house prices fell for the 10th month in a row in April, but there were signs of stabilisation as lower borrowing costs lured buyers back to the market, government agency Quotable Value (QV) said on Monday.
QV's residential house price index fell 9.2 percent in the year through April 30, compared with an 9.3 percent decline in the previous month - the first time the trend in property values has improved since September 2007.
The agency said the improvement in market activity seen in February had continued, with more sales seen in April than usual.
"Recent stabilisation of property values in many areas suggests that we may be near the bottom of the market," said QV spokesman Blue Hancock. "Lower interest rates and cheaper properties are leading first home buyers and investors back into the market," he added.
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