13 Oct 2008

Residential property values continue to fall

2:41 pm on 13 October 2008

The latest residential property values show an overall decline throughout New Zealand. Quotable Value says there is no sign of an upturn.

The agency says national property values fell 5.8% in the three months to September while the average sale price has dropped to $379,000.

The figures mark the fifth consecutive month of negative growth in value. Values are down by 4.5% for the period June to August.

All of the main centres are in decline, with Auckland down 7% compared to the same period a year ago. Most provincial centres are also down.

QV says optimism in September about a spring resurgence and stabilising of the market seems to have been overtaken by the recession and global credit problems.

It says sellers have lowered their expectations on the price they might receive.

Separate figures issued at the same time by the Real Estate Institute confirm the outlook.

The institute says the median house price is $330,000 - down 6% on the same time a year ago.