(RTTNews) - House prices in New Zealand fell 4.28% year-on-year in October, a report by the Real Estate Institute of New Zealand or REINZ said Thursday. Moreover, house sales also declined from previous year’s levels.

Vice President Peter McDonald said, a year ago, financial commentators were predicting a 30% drop in residential property values.

In October, median house price in the whole of New Zealand increased to NZ$335,000 from NZ$330,000 in the previous month.

The report said that while sales values remained relatively steady, there was a drop in turnover. There were 4,469 sales in October compared with 6,854 in the same month last year. This was about the same number of properties as turned over in October 2000 when 4,887 properties were sold, REINZ said.

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Posted in Categories: Economy, New Zealand, Releases.

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