There is typically a seven year cycle between slumps. This time the property cycle has been a bit longer so I reckon it'll be 8-9 years this time, so I reckon prices will continue to fall for a while.
Just for the record, house prices on the North Shore apparently haven't fallen yet (or a month ago they hadn't) but the time taken to sell is taking a whole lot longer. As that time to sell hits people harder they'll no doubt drop their prices.
My brother used to work for one of the RE firms in West Auckland. When he was working there they were selling around 30 houses a month. I can't remember whether it was March or April, but apparently they only sold one house in that month.
I'd still be inclined to wait 6 months or so before purchasing.
I'd build. After living in the UK for the last few years, you'll find it difficult to buy a house here of similar quality (dbl glazing, insulation, heating)
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