Caution urged in housing market 

A seasoned property investor is urging caution in the housing market, despite a rebound in sales numbers and prices.

Median house prices and the volume of sales both rose in February, after very low figures in January.

Investor Olly Newlands is warning it's unlikely New Zealand's seen the end of the housing slump.

He hopes people won't rush at the market, just because there's been a blip in the figures.

Newlands believes the country headed for a winter of discontent in the property sector, and with prices falling further as more people lose their jobs.

He says it's always hard to pick the bottom of the property market, but if people can get a bargain they'll be cushioned against those falls.

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