9 Feb 2011

QV predicts stable year for house prices

3:27 pm on 9 February 2011

Property valuer Quotable Value says house prices around the country vary considerably, despite nationwide values stabilising in recent months.

QV says house values dropped 1.5% in January compared with the same month last year.

However, QV research director Jonno Ingerson says prices have stabilised in recent months, with values unchanged between December and January.

Mr Ingerson says prices in the main centres have stabilised while provincial and rural areas have continued to slide.

He says he does not expect values will change very much during the year.

Mr Ingerson says Auckland property values have been stable for quite some time, whereas prices in Wellington have been rising since October but are still 2.5% lower than in January last year.