Property values across New Zealand are 6.1%t above the same time last year and 3.9% percent the market peak of late 2007, according to the QV residential property indices for April.The annual change in values is the same as reported last month. Valu
Property values across New Zealand are 6.1%t above the same time last year and 3.9% percent the market peak of late 2007, according to the QV residential property indices for April.
The annual change in values is the same as reported last month. Values increased steadily from May to November last year and have now become more stable. April was affected by school holidays.
Future property values will depend on the government's May 20 budget and on interest rates.
"The property market remains relatively subdued as both buyers and sellers carefully consider their positions. There is little urgency, and many people are waiting to see the exact nature of the changes in the May budget before deciding their next move," said Glenda Whitehead of QV Valuations.
"Market activity over the coming months will, in part, be dependent on how people react to changes in the budget. If confidence returns then we may see an increase in activity during the winter months. However, there is also the likelihood of interest rate rises in the middle of the year which will keep pressure on borrower," said Ms Whitehead.
The national average sales price for the three months to April decreased to $405,235 from $407,133 in the three months to March.
Fewer properties were being put on the market, which was normal for the time of year.
"It remains a very mixed market. Houses in some areas and price bands are showing good demand and value growth, while other parts of the market remain subdued with falling values. This varies from place to place depending on local social and economic factors," said Ms Whitehead.
Values across the Auckland area are 9.5 percent above last year. Hamilton values are 2.7 percent above last year and Tauranga 0.6 percent. Wellington area values are 7.1 percent above last year, slightly up from the 6.6 percent reported last month. Christchurch has remained stable at 6.9 percent above last year, and Dunedin has increased slightly to 7.5 percent.
Property values in Napier are up 6.4 percent, New Plymouth 7.2 percent, Palmerston North 6.9 percent and Nelson 6.7 percent. Gisborne values are up 2.5 percent, Hastings 3.6 percent and Invercargill 5 percent.
Values in Wanganui are only 0.4 percent above last year, values in Whangarei are equal, whereas in Rotorua values are down 1.2 percent and Queenstown Lakes down 0.3 percent.
