The latest QV House Price Index for March shows the pace of the fall in housing prices has accelerated with the average house price now 13.3 percent less than a year ago.
Prices nationwide fell an average of 3.9 percent over the March quarter, compared with a price fall of just 0.6 percent for the same period last year.
It's the largest first quarter fall in more than 15 years and coincides with what is usually the busiest time for buying and selling real estate.
Instead, inventories are building as sellers exit the market.
Quotable Value spokesperson Simon Petersen spoke to Ingrid Hipkiss
