New Zealand house prices fell 6.8% last month from November last year as an economic recession and a deepening global financial crisis deterred buyers.
The drop in average prices matched October's decline, which was the biggest since the series began in 2005, according to Quotable Value New Zealand, the government valuation agency. It was the first time in 15 months that the annual change has not deteriorated. Falling property prices add to signs the economy's slump will be prolonged as stricter lending conditions and rising unemployment erode household confidence.
South China Morning Post