Don’t hold out hope for a Sydney-style house price slump

PHOTO: STUFF Sydney prices are falling but that doesn’t mean that Auckland’s will follow.

New Zealand’s property market is probably in for a slow few years – but prices won’t plummet simply because Australia’s are, commentators say.

Sydney and Melbourne in particular are suffering weakness in their housing markets.

Sydney’s prices are now down 9.5 per cent from their peak last year, almost as significant a drop as was seen in the early 1990s.

Melbourne’s are down 5.8 per cent from their peak.

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