The pace of gains in the residential property market in the first quarter of this year slowed down, reflecting easing values last month.

New Zealand welcomed 7500 people to its shores in March who are intending to stay permanently or at least long term. This is up from 4700 in March 2008.

Seasonally adjusted, 1700 more people arrived than left last month.

It is logical to think that the rush of new and returning residents combined with the increased number of Kiwis staying put (1000 fewer departed in March 2009 than March 2008) put pressure on the housing market.

(Updated) As long as resource consent barriers are in force, New Zealanders will continue to pay more than they necessarily should in order to buy a home.

That's the view of Property Council chief executive Connal Townsend after a new survey reveals that the New Zealand housing market is the second most unaffordable in the world.

The troubled Railway Campus has set a new low for Auckland apartment sales, with a one bedroom apartment selling for just $12,800 at a recent auction.

Apartment real estate specialists City Sales sold six Railway Campus at auction earlier this month.

They fetched prices ranging from $12,800 + GST, to $25,000 + GST.

A record proportion of people expect house prices to fall in the next 12 months, giving some confidence to house hunters, according to ASB's quarterly survey.

A net 55 percent of the 600 people surveyed in the three months ended July expected house prices to fall, the weakest reading by a long way since the survey began 12 years ago, ASB chief economist Nick Tuffley said.

A net 34 percent in the previous survey expected a fall in house prices.

New Zealand house price growth continued to slow in May with some areas beginning to show a decline, QV said in its monthly report.

House prices rose by 2.4 percent nationwide against a year earlier, down from 4.9 percent growth reported in April.

"There are increasing reports that where sellers aren't under financial pressure or needing to relocate, they are choosing to take their properties off the market or rent them out rather than accept lower offers," said Mark Dow of QV Valuations.