New Zealand house prices drop

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New Zealand’s average house prices have officially dropped.

Official figures have now shown that the average house price is below $1m for the first time in nearly a year.

Property analytics company CoreLogic released its latest house price index on Thursday. The data shows that in August property values fell 1.8% nationally, double the 0.9% fall recorded in July.

Officially the average national house price is now $991,674.

But the three-month drop in values of 3.5% reported by CoreLogic is approaching the levels seen during the GFC, when falls bottomed out at 4.4% at the end of August 2008.

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