Simon Petersen: QV national spokesperson says developers are holding back as house prices continue to drop - The Mike Hosking Breakfast

Developers are holding back from starting new developments as house prices continue to drop.

The latest QV House Price Index shows values reduced by an average 4.5 percent in the first four months of the year.

The national average home value is now around $902,000.

QV national spokesperson Simon Petersen says it's a difficult time for both buyers and sellers - impacting developments.

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