Overseas investors are now selling more New Zealand homes than they are buying, but it is not because they fear a market crash, analysts say.

The drop-off has contributed to a slump in the sale of luxury Auckland homes, which has in turn helped push city house prices down.

Prices have now consistently fallen for 18 months. Upmarket North Shore has been hardest hit as median prices fell by up to $60,000 in the past year.

It comes as overseas citizens bought just 183 NZ properties during the June quarter, while selling 327, according to the latest Stats NZ figures.

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