Housing slowdown spreads to the provinces
People holding back from listing their properties may be protecting New Zealand from a significant fall in house prices, QV says.
It has released its latest data, which shows nationwide residential property values were up 4.3 per cent in September on the same time the year before.
Prices were up 1.1 per cent over the past three months.
Spokesman David Nagel said a drop in value growth had spread from the main centres to almost all urban areas, with the exception of Rotorua, Palmerston North, Dunedin and Invercargill.
‘‘The year-on-year growth is still showing double-digit gains in many of New Zealand’s provincial towns; however, the quarterly change shows a gradual slowing of the property market in almost all city locations,’’ he said.
While Napier had the biggest year-on-year price gains, Hawke’s Bay valuers said the market seemed to have changed here, too, while the outcome of the election was unclear.
Nagel said there had not been the normal ‘‘spring surge’’ of people listing their properties for sale around the country, which had avoided a sharper fall in values. If there was more supply on the market, there would be less competition, which could weaken prices further.
QV senior consultant James Steele said sales volumes were at very low levels because it was hard for purchasers to get finance.
QV said the unclear election result was probably still causing market uncertainty across the country.