Well, another month of house price index data and another month of weakness.
The most interesting thing this time was the drop in the Wellington City figures – down 1.2% over the last three months. Last month we mentioned the slightly surprising statistic of a 4% drop in sales volumes across the Wellington region, and it looks like this weakness has translated through to values in May, as it so often does. Less activity and less competition means less price pressure.
Watch the latest Monthly Property & Economic Update to get up to speed with the recent NZ property trends.