New Zealand house prices fell 6.8 percent in November from a year earlier as an economic recession and a deepening global financial crisis deterred buyers.
The drop in average prices matched October's decline, which was the biggest since the series began in 2005, Quotable Value New Zealand Ltd., the Wellington-based government valuation agency, said in an e-mailed report today. It was the first time in 15 months that the annual change hasn't deteriorated.
Falling property prices add to...