Wellington experienced a real estate boom in the early 2000s and the effects of the international property bust at the start of 2007. In 2005, the market was described as "robust". By 2008, property values had declined by about 9.3% over a 12-month period, according to one estimate. More expensive properties declined more steeply, sometimes by as much as 20%. "From 2004 to early 2007, rental yields were eroded and positive cash flow property investments disappeared as house values climbed faster than rents. Then that trend reversed and yields slowly began improving," according to two ''The New Zealand Herald'' reporters writing in May 2009. In the middle of 2009 house prices had dropped, interest rates were low, and buy-to-let property investment was again looking attractive, particularly in the Lambton precinct, according to these two reporters.