Economists split on whether property boom is over or slowing
Sunday 19 September 2004
A slip in the median price for New Zealand homes in August has economists split on whether it heralds the end of a property boom that has gripped the nation.
By The LandlordReal Estate Institute (Reinz) figures out yesterday showed the median house price in August was $247,000, down $2000 on July.
It was the first time property prices had stopped rising since the property boom took off three years ago.
Reinz national president Howard Morley said the dip was driven by increased demand for affordable properties and slower activity in the market's "upper end".
Bank of New Zealand economist Craig Ebert said the figures confirmed a number of the boom's drivers were no longer present and that the market appeared to be losing steam.
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