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WELLINGTON, NEW ZEALAND-The property market in New Zealand has declined 5.5% since reaching record highs in 2007, according to a Wellington appraisal company known as Quotable Value.

According to the report, prices in New Zealand increased 1.1% and increased 3% in Auckland when compared to that of the same period last year. Many of the international buyers of New Zealand property were from Britain. Parties from Canada, United States, Korea and China were also major buyers of real estate in New Zealand. For the full story, go to New York Times.

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