What makes this more depressing is the fact that for most Kiwis, their house is their investment.
It has been ingrained in each generation - as soon as you can, you buy a house.
There was a glimmer of hope in yesterday's report - some property experts believe there are some signs that the market may be about to lift.
Paul Whitaker, Property Brokers Hawke's Bay manager, says there is a new wave of first-time home buyers starting to enter the market, thanks to the Welcome Home and Kiwisaver schemes.
My Valuer director Andrew White says the market is on the move with activity levels and sales volumes for the first quarter of this year very good.
This gives some hope to home owners and, with luck, the situation will keep improving.
It also means I had better get a move on and buy a house. I am keen on buying in Hawke's Bay - I moved down from Auckland in March. My family is still in Auckland, but plan to join me towards the end of the year.
Unlike our market here, the Auckland property market is strong and starting to grow stronger. This does put me in a good situation, because my wife and I own a house in Auckland.
We could either sell the house and make a profit or keep it as an investment.
I have been to see a few houses in the Havelock North area - thanks to local agent Patrick Dingemans, who is determined to find me a house.
I like Havelock North and would feel comfortable living there. There are a number of properties there which appeal to me.
After a few weeks of wandering around the suburb, I realised that all these houses have one common theme. You can see they are homes that people love and care for.
That, I have found, is the key to adding value to your home. Don't buy your dream home, buy a house that has potential to become your dream home.
Put some effort into transforming it and you will add value to it, even if you never sell it.
