According to the Dominion Post
Desperate vendors are offering discounted cash prices to sell their houses as the property market continues to weaken.
Quotable Value statistics published today show annual increases in property values dropped to 4.9 per cent in April, compared with 6.5 per cent in March, and continue a trend of rapidly dropping growth.
QV has warned that property growth will continue to slide and will probably show declining values in coming months.
It comes after Real Estate Institute figures last month showed house sales falling to their lowest level in 17 years. The volume of sales had fallen from 10,989 in March 2007 to just 5129 in March this year.
This seems to show that Bollard has achieved one of his goals.
