Auckland house sales slumped 16pc in June, with the average sale price falling 3.6pc from a year ago, says real estate firm Barfoot & Thompson.

Westpac economists expect house prices to fall about 2 per cent this year and another 2 per cent next year.

House prices will fall gently for the next two years before levelling out, says a leading bank economist.

Receivers have taken control of the company which manages one of Auckland's top hotels, the Westin Lighter Quay.

One of New NZ's most expensive houses, once owned by the Sultan of Brunei, has just got flasher after its owner's secretive but major do-up.

The number of consents issued for new homes fell 9.5 per cent during May, following a 13.4 per cent rise during April, Statistics New Zealand says.

Fears about debt and an unwillingness to spend is holding back New Zealand's economic recovery, says Jonathan Ling, chief executive of Fletcher Building.

Hanover Finance co-founder Mark Hotchin will not be moving into his $30 million Paritai Drive mansion.