QV main urban areas commentary: April 2010

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Auckland
Hamilton
Tauranga
Wellington
Christchurch
Dunedin

Auckland
Property values in the Auckland region increased by 9.5% over the past year (calculated over the three months ending April 2010 in comparison to the same period last year), down from the 9.9% annual growth reported in March. The average sale price for the region decreased from $546,062 to $532,538.

Glenda Whitehead of QV Valuations said; "Usually by May we would have a strong indication of the overall flavour and direction of the residential market, but this year the messages we are receiving are a mix of positives, negatives and neutrals. The end result is a relatively flat market without a discernable label at present. 2009 dealt us a much more buoyant market when we expected a flat one, so perhaps we are now having a flatter, more sluggish year in 2010". 

"The general consensus from our valuers working in and around the Auckland region is that the market remains steady, and that it continues to look for signals from the wider economy," she said.

"In the west, there is still a reasonable amount of activity in the $370,000 to $550,000 value range. Home and income properties remain popular with investors, due to gaining two income streams off the one site.  Buyers continue to thoroughly research the market, looking at everything available before making offers. Indications are that investors continue to wait for the budget announcements on the changes to property tax laws," Whitehead said.