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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 prices fall further in February Reuters - Monday, March 9 WELLINGTON, March 9 - New Zealand house prices fell for the eighth month in a row in February with the pace of decline picking up, government agency Quotable Value said on Monday. ADVERTISEMENT QV's residential house price index fell 8.9 percent in the year through Feb. 28, compared with an 8.3 percent decline in January. The agency said there were signs of improved market activity, but uncertainty about the impact of the global crisis on New Zealand, which is itself already in recession, and concerns about job security were making people cautious. "Our expectations are that sales volumes will remain relatively low for the rest of the year, with values continuing to ease marginally," said QV spokesman Blue Hancock. The housing market, once a key inflationary concern for the Reserve Bank of New Zealand , has been falling steadily over the past year because of high borrowing costs and as consumer spending slowed. The central bank has slashed interest rates by 475 basis points since last July, and is likely to cut rates again by at least 50 basis points at Thursday's rate review. The RBNZ has forecast house prices to fall around 16 percent by the end of 2010 from their peak in 2007, but has also said it expects mortgage rates to fall around 150 basis points over the next two years. QV said house prices in Auckland, the biggest population and commercial centre, fell 9.4 percent in February from a year ago compared with a 9 percent drop in December, while the capital, Wellington, fell 9.3 percent after a 8.5 percent drop the month before. The average sale price was flat at NZ$383,786 , down around 2 percent down on a year ago. The difference between the fall in the house price index and the average sale price was down to fewer low-priced properties being sold. 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. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business GLOBAL MARKETS WEEKAHEAD-Equity faith at risk, 14-yr low loomsReuters - 56 minutes ago US-BUSINESS SummaryReuters - 1 hour 5 minutes ago GM says Opel not preparing for insolvencyReuters - 1 hour 5 minutes ago Australian funds look to sell UK assets -paperReuters - Monday, March 9 New Zealand house prices fall further in FebruaryReuters - Monday, March 9 Most Popular – Business Viewed Russian media teases Clinton over 'reset' button Bleak jobs report dampens hopes for US recovery 651,000 jobs lost as US hits 25-year jobless high Zimbabwe PM hurt, wife killed in car crash: party Business groups slam German nationalisation bill 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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