House prices down 0.9pc

The property market continued to decline last month but consumer confidence might be returning. Photo / File photo

Residential property prices are 0.9 per cent below a year ago and 5.8 per cent below the market peak of 2007 in the December report of Quotable Value.

The property market continued to decline last month but the latest survey by qv.co.nz suggested consumer confidence might be returning.

"There are now more people who think that house prices will rise in 2011 than those who believe they will fall," said qv.co.nz research director Jonno Ingerson.

Values in the Auckland area ended the year 0.6 per cent above the same time last year, while values in Wellington were 2.2 per cent below.