4 Nov 2010

Auckland house prices fall

7:11 am on 4 November 2010

The average house price in Auckland has fallen about $20,000 over the past six months to $524,000.

Real estate company Barfoot and Thompson's latest figures suggest sales have dropped by 36% since October last year.

Goldman Sachs economist Philip Borkin says lower fixed mortgage rates have done little to improve sales.

He says the housing market usually responds to lower interest rates.