Embattled property developer Nigel McKenna has suddenly ditched a creditors' compromise scheme.

Property developer David Henderson averted bankruptcy this morning to allow him and his creditors time to discuss another proposal that could stop Inland Revenue's application.

A Nelson real estate agent tried to have a bank falsify documents to cover up problems over a sale, once he found out a complaint against him was being investigated.

Real estate agency Bayleys Canterbury is predicting a broader but lower central business district will arise in Christchurch after last month's earthquake, while demand is expected to escalate for residential properties in more stable areas

The owners of Auckland's Palace Hotel could be prosecuted after the release of a damning report identifying severe damage to the heritage building before it was knocked down.

The Palace Hotel was moving by up to 5mm an hour towards the street when the decision was made to knock it down, the Auckland Council said today.

Land of milk and honey... pity about the cheese, discovers Bruce Morris.

Even without the impact of the Christchurch earthquake, it was tough going out there with buyers sitting on their hands and values continuing to drift. Now, it may get even harder. Bruce Morris reports.

Overseas buyers have been staying home the last few summer - and in some parts of the country that's adding to the pressure on house prices. Bruce Morris reports.