9 Apr 2009

Property values fell further in March

4:19 pm on 9 April 2009

The fall in house prices has gathered pace, with Auckland driving the decline.

Quotable Value says property values fell 9.3% percent in the year to March, compared with an 8.9% drop in the year to February.

Auckland property values were down 10.1% compared with a year earlier.

Hamilton showed a 9.3% decline, Wellington an 8.7% fall and Dunedin an 8.8% drop - in each case a slower rate of decline than in the year to February.

Quotable Value spokesperson Blue Hancock says a pick-up in sales in February was followed by a decline in listings in March.

He says the slowdown may have been due to the increase in long-term home loan rates.