Residential Property Values Grow 12.4%
QV’s May property statistics released today indicate that nationally, residential property values increased by 12.4% over the past twelve months. This is down from the 13.1% reported in April. The average New Zealand sale price was $327,779. “The current market trend is showing a flattening of property values; it is the fourth consecutive month that a decrease in growth has been reported. Growth is back at the levels reported in May 2005. The most recent market activity suggests there is no longer the urgent pressure on buyers and prices are stabilising. This trend is expected to continue throughout the winter months” said QV spokesperson Blue Hancock.
Sunday, June 11th 2006, 12:00AM
by The Landlord
The main centres have again seen slight decreases in the growth rate, with Auckland growth rates down from 8.9% to 7.6%, Hamilton down to 21.5%, Christchurch 12.7%, and Dunedin 8.2%. Wellington residential property values remained stable this month at 11.8%.
Of the major provincial cities decreases in growth were reported for Gisborne 28.7%, Whangarei 24.3% and New Plymouth 11.0%. Invercargill reported strong growth of 15.5% up from 11.9% growth reported for the period ending April 2006. Masterton residential property values remained stable with 21.9% growth.
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