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House prices continued to fall through May and are now off around 6 per cent since their peak last November, according to the latest figures from the Real Estate Institute (REINZ).
Annual house price growth has now slowed to just below 4 per cent.
Sales were down 28.4 per cent on a year ago (seasonally adjusted).
The median number of days to sell at 40 days ticked over the long-run average of 39 days.
Independent Economist Tony Alexander joined Simon Barnett & James Daniels and told them he can't rule out a major decline in house prices.