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.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.