Property prices falling - latest figures
12:30PM Wednesday March 12, 2008
Anyone watching house prices shoot up over the past decade will hardly be able to believe the latest figures out from the Real Estate Institute.
The last year has seen virtually nil movement in prices - unthinkable in the heady days prior to 2007.
House prices actually fell 0.7 per cent last month from January, and rose slower for the year than the rate of inflation, according to new REINZ figures.
The residential property market had reached a "tipping point", with the percentage annual growth rate on the verge of moving into negative figures, REINZ said publishing the figures today.
They show the national median price easing back from $340,000 in January to $337,500 in February, leaving it just 0.74 per cent ahead of the February 2007 median of $335,000.
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