House prices are beginning to drop. 

The QV House Price index showed a decrease of 0.9% nationally in the three months to the end of June, which remains 2.6% higher than last year’s figure. 

Auckland prices saw a 2.6% decrease, but South Island prices are remaining strong overall.  

QV Operations Manager James Wilson told Andrew Dickens that it's a case of the main urban areas pulling the nationwide overall value down. 

He said that it represents the mindset that they’ve seen for a while now of caution. 

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