Conditions are right for a property price drop, but so far values are holding stubbornly firm.
Usually, for prices to stall, you need a change in the supply and demand equation. That means fewer buyers or more properties to choose from, lessening competition.
The latest Real Estate Institute figures show that scenario is playing out, in Auckland in particular.
The number of sales in May was down 27.5 per cent in Auckland compared to the year before, and 13.6 per cent across the rest of the country.
from
http://www.stuff.co.nz/business/93668103/NZ-has-perfect-conditions-for-a-house-price-drop-so-where-is-it
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