InfoAnda - New Zealand house price decline slows in May

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: New Zealand house price decline slows in May - QV Reuters - Monday, June 8 WELLINGTON, June 8 - New Zealand house prices fell for the 11th month in a row in May, but the rate of decline has slowed as the market showed further signs of stabilising, government agency Quotable Value said on Monday. ADVERTISEMENT QV's residential house price index fell 8.1 percent in the year through May 31, compared with a 9.2 percent decline in the previous month -- the second month in a row the trend in property values has improved. The agency said lower mortgage interest rates had encouraged new home buyers and investors to enter the market. "The recent stabilisation in values indicates that the wider market is moving toward some form of equilibrium," said QV spokeswoman Glenda Whitehead. The tentative revival would be tested over the coming winter months, a traditionally quiet time for the market, she said. The housing market, once a key inflationary concern for the Reserve Bank of New Zealand , has been falling over the past year because of high borrowing costs and prices, while consumers cut their spending because of the deepening recession and rising unemployment. The central bank has slashed interest rates by 575 basis points since last July to combat the downturn, which is expected to last through much of this year. A Reuters poll is forecasting a 25 basis point cut in the official cash rate to 2.25 percent when the Reserve Bank of New Zealand reviews rates on June 11. The RBNZ has forecast house prices to fall around 20 percent by early 2010 from their peak in 2007 and to track sideways after that. House prices in Auckland, the biggest population and commercial centre, fell 7.6 percent in May from a year ago, compared with a 9 percent drop in April, while the capital, Wellington, fell 7.4 percent after a 8.5 percent drop the month before. The average sale price was fractionally lower at NZ$371,555 in May from April, reflecting more sales at the lower end of the market, QV said. The monthly residential price report is based on sale prices of properties over the past three months compared with sales over the corresponding three-month period a year earlier. The data is not seasonally adjusted. Industry data from the Real Estate Institute of NZ for May is likely later this week. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China, Japan pledge to boost global economic recoveryAFP - Monday, June 8 WRAPUP 3-Airline industry outlook still grim - execsReuters - Monday, June 8 Delek says may bid in Greek petrol station tenderReuters - Monday, June 8 Vizio files TV patent suit against LG in U.S.Reuters - Monday, June 8 Israel's FIBI to sell 2.58 pct of HOT to Cool HoldingReuters - Monday, June 8 Most Popular – Business Viewed Carradine may have died from sex act: Thai police Wall Street ponders if rally can run further Susan Boyle out of London clinic: brother Black boxes may never be found: crash investigators World 'getting closer' to swine flu pandemic: WHO View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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