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Auckland house prices fell in July

Wednesday 6th August 2008

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House prices fell in the Auckland last month while the volume of sales rose, according to Barfoot & Thompson, the city's biggest real estate firm.

The average sale price fell 5.3% to NZ$497,479 in July from June, according to the firm's sales figures. The volume of sales rose 13% to 629.

The price decline suggests vendors are "gradually adjusting to the market and lowering their expectations," managing director Peter Thompson said in a statement.

The figures add to evidence the housing market is in decline, after government figures showed home building consents tumbled 20% in June. The Treasury yesterday said the economy probably fell into recession in the first half.

Thompson said the price drop partly reflected the sale of a package of 87 apartments going unconditional.

The central bank cut its official cash rate from a record high last month and said more reductions are likely provided inflation doesn't accelerate more than expected.

ASB Bank, ANZ Bank and National Bank all responded by lowering two-year fixed rate loans.

By Jonathan Underhill

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