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New Zealand House Prices Fall for First Time in 11 Years

Houses in the suburbs of Wellington.

Houses in the suburbs of Wellington.

Photographer: Mark Coote/Bloomberg

New Zealand’s housing market decline gathered pace in July, with a key gauge of property prices recording its first annual drop in 11 years.

The Real Estate Institute’s price index slid 2.9% from a year earlier, the first fall since 2011, the group said Thursday in Wellington. On a monthly basis, the gauge has dropped for the past five months straight.