House values fell further in June with buyers remaining selective and cautious, government valuer QV says.

Its monthly report on residential property prices shows nationwide values 5.2% above the level of a year ago.

That is down from the 5.6% increase reported in May, which was the first decline in the value change from a year earlier since March 2009.

Values in June were 4.3% below the market peak of late 2007, having been 4.1% lower in May and 3.9% lower in April.

Fewer people have faith that now is a good time to buy and sell residential property, according to the latest survey by Quotable Value (QV).

When QV conducted its last survey in September, net 41% of people believed it was a good time to buy. But last month only net 23% of those surveyed thought it was a good time to buy.

After a tough eighteen months of lower house prices, dismal sales volume and plummeting confidence, the property market is looking up.

According to the latest quarterly survey of the housing market by Quotable Value, there are signs of improving optimism.

“Property values and lower interest rates mean that nearly 6 out of 10 respondents still believe that now is a good time to buy,” QV’s survey report said.

“Good quality, well presented properties were noted to be holding their value well, amid a recent sharp increase in buyer activity.”

Auckland property values are continuing to fall each month, new figures from Quotable Value reveal, while real estate firm sales show buyers are coming out of the cold to make the most of lower prices.

Figures released today from valuation company QV show Auckland property values sank 10.1% over the year to March 2009, further down from the 9.4% drop recorded in February.

QV Auckland valuer Glenda Whitehead says residential values in the central city region have suffered the most.

Residential property values have dropped almost all over the country and the market is well off its peak, according to QV Valuations.

There was a 2.2 percent decline in national property values in the past year in the data which compares the three months ended in July with the same period a year ago.