Slight increases evident
National property values have continued to gradually increase says the Quotable Value residential property index for August.
‘‘Nationwide property values have again increased slightly over the past month and are now 0.1 per cent above the same time last year and 5.0 per cent below the market peak of 2007,’’ said Glenda Whitehead of QV Valuations.
‘‘ Although nationwide values are gradually increasing, there remain differences between areas with the Auckland and Canterbury areas in particular helping to hold up values overall,’’ said Ms Whitehead.
‘‘Recent trends have continued in other main centres with values in Hamilton and Tauranga remaining relatively stable although still below last year by 1.8 per cent in Hamilton and 0.5 per cent in Tauranga. Dunedin has seen some volatility in values over the past year but values in general appear to be decreasing, and are now 2.9 per cent below this time last year,’’ said Ms Whitehead.
‘‘Some of our recent provisional data suggests that values in Auckland may be levelling off a little although it is too early to be sure. In Wellington there are also signs that values may be levelling. In both centres there are indications that the number of new listings may be increasing which may offer fresh choices for potential buyers. If this turns out to be the case then sales volumes should pick up in spring fol- lowing the traditional seasonal pattern which has been largely absent in recent years,’’ Ms Whitehead said.
The average New Zealand sales price over the last three months was $406,679.
Most provincial centres have seen values either increase or remain steady in the past three months, although compared to 12 months ago current values are still generally lower.