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NZ: House prices down sharply in January

Posted on 13 February 2013

The Real Estate Institute says a sharp fall in the median house price in January is not the start of a bigger correction in prices. The median price fell back from its all-time high of $389,000 in December 2012 to $370,000 last month.
The 4.9% fall in the median house price between December and January was the largest monthly fall since Real Estate Institute records began in 1992. But chief executive Helen O’Sullivan says once the size and quality of the houses is accounted, the median price fell just 1% during the month………………………………………..Full Article: Source


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