First home buyers can expect a market lull soon

House prices have dropped 4.9 percent, to dip below one-million dollars for the first time in a year.

But CoreLogic is arguing it might be better for first home buyers to wait.

Chief economist Kelvin Davidson prices are unlikely to suddenly rise, even a year from now.

He says we need to start seeing the OCR and mortgage rates go down before the next upswing in house prices.