House prices ease but it's not a slump

The national median housing price declined by 1.5% in December but in Auckland the decline was a sharper 4.5%.

However, a closer look at the figures shows that houses in most parts of the country are now selling below last year's price peaks.

Significantly, the easing of prices was most pronounced in areas where demand for property and price gains had been strongest in the previous two years.

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