Auckland is helping the New Zealand property market remain broadly stable in 2011 despite falls in prices in other cities across the country. The latest report from government valuer Quotable Value found that prices in the most populous city were rising, whilst values in other cities remained stable or were continuing to fall.
Property in New Zealand worth 1.6 per cent less than in May 2010
The figures from Quotable Value (QV) show that property in New Zealand is worth, on average, 1.6 per cent less than it was in May 2010 and 5.7 per cent less than the market peak of 2007. That represents a slight improvement on Aprilââ¬â¢s figures where prices were 1.9 per cent lower than a year earlier.
Glenda Whitehead, a spokesperson for QV, said: ââ¬ÅWhile values remain static at a nationwide level, there continue to be differences between regions, with Auckland and Wellington showing contrasting trends.
“In the past few months (Auckland values) have begun to edge upwards and are currently 1.2 per cent above January, 0.3 per cent above the same time last year, and only 1.8 per cent below the market peak of late 2007.ââ¬Â
Property in other parts of New Zealand falls in value
The QV data found that prices in Wellington were 3.6 per cent lower in May than a year earlier with proposed public sector cuts likely to affect demand in the city.
Hamilton prices remained stable in May whilst values in Taurunga declined slightly on their April levels. Dunedin properties were valued 2.5 per cent lower than in May 2010 with QV reporting that sales of homes were steady ahead of the traditionally slow winter sales period.
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