Residential property prices in New Zealand are beginning to stabilize but are still 5.6% below the market peak in 2007, according to the latest figures to be published.
The data from QV Valuations, New ZealandÃ¢â‚¬â„¢s largest valuation and property information company, shows that the rate of falling prices has slowed so that the gap between values this year and last has closed to 0.3%.
“This time last year values were steadily increasing from a low in early 2009. This increase continued until March 2010, then values began to gradually decline,” it says in its November monthly report.
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