15 Jan 2011

House values expected to continue sliding

6:22 am on 15 January 2011

Property analysts say house values are likely to continue a gradual decline this year.

Figures from Quotable Value, show residential property prices fell by 0.9% through 2010.

Auckland, Napier and Nelson were among the few regions where prices moved upwards last year.

There were falls of between 2.2% and 3.3% in Wellington, Hamilton, Tauranga and Dunedin.

Provincial and rural housing values also fell by an average of more than 2%.

Quotable Value, the Property Investors Federation and ANZ Bank chief economist Cameron Bagrie all expect a further decline in prices during 2011.