10 May 2010

Property market remains subdued - QV

6:01 am on 10 May 2010

Quotable Value says the property market is in a holding pattern as buyers and sellers await the Budget on 20 May.

The agency says property values for April were up 6.1% on the same time last year - the same as last month.

Valuations manager Glenda Whitehead says buyers are subdued and value levels are relatively stable.

The national average sales price for the three months to April fell again to $405,235, from $407,133 in March.

Values across the Auckland area are 9.5% above last year, back slightly from the 9.9% reported last month.

Hamilton values are 2.7% above last year and Tauranga 0.6%.

In the Wellington area: values are 7.1% above last year, slightly up from the 6.6% reported last month.

Christchurch has remained stable at 6.9% above last year and Dunedin has increased slightly to 7.5%.

There is more variability in provincial centre values compared to last year.

There has been 6% - 7% growth in Napier, New Plymouth, Palmerston North and Nelson.

Rotorua was down 1.2% and Queenstown Lakes was down 0.3%.