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The predictions come after CoreLogic's latest House Price Index, released on May 1, showed national house values dropped slightly in April while listings increased.
The House Price Index edged down 0.1 percent in April and was 11 percent down on peal values. It brought the national average property value to $933,633.
CoreLogic NZ chief property economist Kelvin Davidson it's no surprise prices edged down given the influx in supply and tight lending conditions.
"It's no surprise price growth has flattened off. To be fair, buyers don't have it all their own way. For a start, they've got to have their finance in place first, and that's not easy with mortgage rates still hovering at around 7 percent," Davidson said.
"In addition, with new jobs still being filled and the unemployment rate relatively low for now, there aren't many 'forced sellers' out there at the moment either." |
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