10 Nov 2008

Property values down again

6:09 am on 10 November 2008

Property values are down again, with no sign of the usual spring selling.

Quotable Value says national property values fell another 1% in October, with the average sale price now about $379,000.

The agency says the uncertainty in the markets seem to be coming from buyesr and sellers unsure as to the impact of the financial crisis.

Quotable Value says the rate of decline has slowed from the previous two months, but most main centres are still down compared with October 2007: ranging from 6.1% in Wellington to 8.2% in Dunedin.

Regionally, the figures are far more variable - Gisborne is down by just over 10%, while Napier is down only 4.3%.