I think you'll find that according to QV, which as we know is the most valid approach, property prices fell 10% for the 3 month average to february year on year. We can also see from the RBNZ graph that property prices are in their deepest correction on the graph (surpassing 1991, 1998 and 2000 dips). The graph looks to be well on its way to -10% (only till 2008). As you can notice, RBNZ uses QV figures.



RBNZ say another 10%, then add on inflation (5% last year) and thats already 25%. Then lets see the inflation over the next 3 years and whether housing keeps up - doubt it. There will be another 5%. 30% is easy to see...