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House-price growth continued to slow in May and some areas began to show a decline, QV says in its monthly report.
Prices rose 2.4 per cent nationwide against a year earlier, down from 4.9 per cent growth reported in April.
"There are increasing reports that where sellers aren't under financial pressure or needing to relocate, they are choosing to take their properties off the market or rent them out rather than accept lower offers," said Mark Dow of QV Valuations.
QV said that in May, the average house price fell by about $1000 to $387,299.
Auckland area house prices rose 1.8 per cent to an average $508,651, down from 4.7 per cent growth in April.
