Figures show scale of falling house prices [Auckland suburbs' falling house prices]
5:00AM Saturday August 16, 2008
By Anne Gibson

Auckland house sellers are slashing their prices as they try to beat the mid-winter real estate market blues.

Buyer resistance to high prices has resulted in real estate agents displaying windows full of big mark-downs.

High mortgage interest rates, falling turnover, bargain-hunting buyers and vendors keen to get the best price have made houses hard to sell in Auckland.

One of the best examples is 89b Island Bay Rd in Birkenhead. It is a large four-bedroom house with water views, on an 813sq m site.

It was initially listed for $849,000, a price conspicuously plastered on The Professionals' window.

Now, it can be bought for $699,000. Quotable Value valued it at $600,000 three years ago.

Local agent John Norton said discounting of this type was a sign of the times.

"It's all to do with the urgency of the sellers, because people with their heads screwed on are not selling."

Listing agent Brian Mearns said the house was appraised at the higher price two years ago, but people would not pay these sums today.

More here.