Quoteable Value has reported that the fall in New Zealand house prices accelerated in October to 6.8% from a year ago from 5.8% in the previous month.
"Property values have declined further in most parts of the country," said QV spokesman Blue Hancock.
"Activity levels remain unusually low, especially considering that spring usually brings an upsurge in the number of house sales," Hancock said, adding that poor weather and school holidays contributed to the slow sales.
"There appears to be uncertainty in the market, with many buyers and sellers waiting to see any impact from the financial crisis, dropping interest rates and the election before committing to property transactions," he said.
Auckland area values were down 7.7% compared to the same time last year, worsening from the 7.0% fall reported last month. Hamilton City's values fell 9.0%, having been down 8.8% the previous month. Tauranga fell 7.9%, the Wellington area fell 6.1% and Christchurch fell 7.8%.
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