‘Rapid Decline’: New Zealand House Prices See Largest Quarterly Drop in Over a Decade

‘Rapid Decline’: New Zealand House Prices See Largest Quarterly Drop in Over a Decade
A real estate sign is pictured in Auckland, New Zealand, on May 16, 2013. Phil Walter/Getty Images
Rebecca Zhu
Updated:

New Zealand (NZ) property prices have experienced their largest quarterly drop in over a decade as the market further weakens, shifting power to buyers.

The QV House Price Index reveals that the average home decreased in value by 0.6 percent over the three months to March.