A housing analyst says the drop in property values may start to ease but he does not expect a significant bounce back.
CoreLogic's House Price Index shows values have fallen a further 1.8 percent in August, double that of the rate in July.
CoreLogic NZ Head of Research Nick Goodall told Morning Report as interest rates hits, peak values should stop falling.
Goodall says the three-month fall of 3.5 percent is heading to depths seen in the global financial crisis in August 2008, when annual values fell 4.4 percent.
