Fall in property prices and sales in New Zealand heralds a softening in the real estate market

[Nicholas Wallwork]

Residential real estate prices and sales in New Zealand fell in April but experts believe the*market is steady and not subject to speculation over measures to be announced in the forthcoming*Budget.

Overall prices fell by 0.4% in April but they are up 6.2% compared with a year ago and just 3.7%*below their peak in November 2007, the figures from the Real Estate Institute of New Zealand show.

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