Pessimism in the housing market has crushed any sign of a spring resurgence. QV's September statistics for residential property show a 5.8 percent decline in national property values in the past year, down further from the 4.5 percent drop reported in August. The average New Zealand sale price for September was $379,854. Spokesman Mark Dow says indications last month that an optimistic mood had come over the market have since evaporated. He says pessimism is being driven by factors including the country moving into an economic recession, uncertainty about the impact of the global credit crisis, the usual lack of activity prior to an election and significant tightening of lending policies by the banks. Mr Dow says there is plenty of speculation that things will get worse before they get better and he cannot see the situation...
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