Has the bubble burst?

Real Estate Institute of New Zealand Nelson Marlborough president Darryl Marshall this morning said the next few months would tell where the property market was headed.

Just released institute statistics reveal the median selling price of a home in the Nelson-Marlborough region dropped by more than $20,000 to $265,750 - the single biggest decline across all regions last month.

The Nelson area median price dropped from $322,625 to $310,875 - better than the $203,531 posted last January but not enough to buoy residential sales.

Nelson city and Richmond sales dropped 21 percent, Motueka by 27 percent, 23 percent in Golden Bay, and a whopping 33 percent in Nelson country.

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