90 seconds at 9 am: QV says house prices down; Westfield cuts values; Dow up
12th Jul 10, 9:00am
by
Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with BNZ, including news from Quoteable Value that house prices fell in June and sales volumes remain 20% below their long run averages.
See full detail on the QV report here. Prices fell in June and are now down 6.1% from the peak in January 2008, but are above 5.8% above the trough seen in May 2009.
Meanwhile, Westfield has cut the value of its shopping centres in New Zealand by NZ$200 million to NZ$3 billion on signs of a weak retailing outlook, Stuff reports.
The Dow rose 0.6% on Friday, buoyed by the IMF's upgraded forecast for the global economy and one positive report on US retail sales.
The New Zealand dollar firmed to over 71 USc in early trade.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.