New Zealand property prices slowing and expected to remain flat in coming months

[Nicholas Wallwork]

Property prices in New Zealand property fell for the first time in 14 months in May, reflecting a general lack*of confidence among buyers faced with more choice, according to the latest real estate index.

Property values in May were 5.6% higher than in the same month of 2009, retreating from the year-on-year gain*of 6.1% in April. It is the first time since March 2009 that the increase has lagged that of the previous*month.

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