Who are you going to believe? The REINZ saying that house prices have only fallen 1% from their peak, or a more realistic QV which states over 10%.
Volume was certainly up, but lets see what starts to happen in the coming months with long term interest rates not pulling back like everyone thought. I stated about 6 months ago that we wouldnt see them below 5% and I was virtually laughed at. Remember, the RBNZ is very hawkish on inflation --> I dont know that I can believe they will hold rates low till end of 2010. If we see continuation in spike of oil prices, watch out. Also credit rating downgrades.
I prefer QV. So does the RBNZ, so do the economists. Why work with numbers that have been prepared by a group with an interest to see them go up?