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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 June-survey Reuters - Monday, July 6 WELLINGTON, July 6 - New Zealand house prices fell in June, but the pace of decline slowed for a third straight month while the number of sales headed back towards normal levels, government agency Quotable Value said on Monday. ADVERTISEMENT QV's residential house price index fell 7.1 percent in the year through June 30, compared with an 8.1 percent decline in the previous month. It was the twelfth month in a row that house prices were lower than a year earlier. "Decreases in property values over the past eighteen months combined with historically low mortgage interest rates have led to improved optimism and encouraged more buyers back into the market," said QV spokeswoman Glenda Whitehead. Over the past quarter prices had risen 0.4 percent against a 2.1 percent decline in the previous quarter, she said. Whitehead said there also seemed to be a shortage of properties for sale, with homeowners under no pressure to sell because they have refinanced at a lower rate and others waiting for prices to improve. "An increasing number of people believe that the worst of the decline is over, and that now is a good time to buy before the market picks up again." However, she said concerns about job security, tighter lending conditions, and a rise in some lending rates would likely keep activity in check. 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 amid a 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 the official cash rate will be held at a record low 2.5 percent when the RBNZ reviews rates on July 30. The RBNZ, which previously forecast house prices to fall around 20 percent by early 2010 from their peak in 2007, said in its June statement that house price inflation was close to cyclical lows. Fixed term lending rates for three years or longer have risen to reflect increased wholesale rates as investors have moved to lock in low rates in the expectation that the RBNZ will start raising rates as soon as early next year. The average sale price rose 1.9 percent to NZ$378,535 over the month. House prices in Auckland, the biggest population and commercial centre, fell 5.9 percent in June from a year ago, compared with a 7.6 percent drop in May, while the capital, Wellington, fell 6.5 percent after a 7.4 percent drop the month before. 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 the month is likely later this week. Email Story IM Story Printable View Blog This Related Articles: Business RPT-New Zealand house price decline slows in June-surveyReuters - 1 hour 50 minutes ago US-BUSINESS SummaryReuters - 1 hour 52 minutes ago Finally, charting the recovery's courseReuters - 1 hour 52 minutes ago In Philly schools, most students get a free lunchAP - 2 hours 12 minutes ago Investors' focus shifts to 2Q earnings reportsAP - 2 hours 59 minutes ago Most Popular – Business Viewed The daily grind: Sex for a week boosts sperm quality Jackson fans told to stay away as tickets up for grabs Schwarzenegger declares emergency in California Harry Potter's nemesis revels in hard-edged new film Questions mount over Jackson animal kingdom 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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