Monday, September 8, 2008

NZ house prices drop 8.1 percent in past year

I feel sorry for some friends in Palmerston North who have to sell their house - a new house they bought about six months ago - because one of them has to move to Wellington to work.

How many thousands of dollars will they lose on the sale, in view of today's news that property prices in the city have fallen by 8.1 percent in the past year?

This fall has taken the average Palmerston North house price to $286,943, according to the August report from Quotable Value.

The average price for a house in New Zealand as a whole is now $391,487, after a fall in property prices of 4.5 percent in the past year.

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