New Zealand (NZ) property prices have experienced their largest quarterly drop in over a decade as the market further weakens, shifting power to buyers. The QV House Price Index reveals that the average home decreased in value by 0.6 percent over the three months to March. This has brought down the average annual growth from 22.9 percent in February to 18.3 percent in March. In Auckland, the average value in the three months to March saw an even steeper drop, falling 1.5 percent to $1.5 million (US$1.05 million). QV General Manager David Nagel said the slowing growth and even contraction was particularly prevalent in the major centres where some of the largest value increases have occurred during the pandemic. These major centres are also expected to experience a continued, gradual decline, while regional areas would likely continue to see stagnated growth over the next 12 months. “We’re seeing quite a …