Buyers urged to wait as further 10% fall in house prices predicted this year

FRIENDS FIRST economist Jim Power says house prices will fall by 10% this year and people should wait for the full correction before venturing back into the market.

Prices have slumped a full 50% since the 2007 peak and he says they are set to fall another 10% in 2010.

The bottom line is that with jobs still being lost and consumer spending still way down prices will fall further, he said.