Residential highlights - January 2010

To view the regions quickly:
Auckland
Hamilton
Tauranga
Wellington
Christchurch
Dunedin

Auckland
Property values in the Auckland region increased by 7.3% over the past year (calculated over the three months ending January 2010 in comparison to the same period last year), an improvement on the 5.1% annual growth reported in December. The average sale price for the region increased from $535,197 to $549,028.

Glenda Whitehead of QV Valuations said; "Auckland's residential property scene in January, like December, was a relatively quiet month, as can be typical of this time of year. Roads around the Auckland region have been free-flowing, perhaps reflecting the absence of its usual population, many of whom may be using up accumulated leave. This laid-back or absent part of the population has probably not sought to make any major life decisions recently and has therefore taken heat out of the property market for the moment. At present values appear to be holding and there is a general feel of stability".

"Of those who have been active in the market, homeowners appear more prevalent than investors, with some refinancing while others are preparing to make those buy or sell decisions.  Buyers remain cautious and are taking their time to get a feel for what is going on. With the likelihood of sustained capital growth through this year uncertain, investors continue to focus on cash flows. Adding to their angst are also looming interest rate hikes and potential new taxes, which could simply compound uncertainty," Whitehead said.