New Zealand property prices up 2.7% since April

Country: New Zealand

12 October 2009

The average price of a New Zeland property has appreciated by 2.7% since the New Zealand property market arguably bottomed out in April of this year, according to QV Valuation.

QV's residential property index shows that the median New Zealand property price in was down 1.1% from the same time last year, an improvement on the 2.8% year-on-year decline recorded in August. New Zealand property values now remain 7.1% off the peak in late 2007.

The average sale price increased further to $387,567 (£180,000) in September from $385,426 (£179,000) in August.

Glenda Whitehead, QV valuation manager comments: “There is strong competition among keen buyers in some localities and price brackets for the limited properties available.”

But Whitehead said that a lack of supply, couple with a rise in demand, is pushing New Zealand property values upwards, and this, she hopes, will encourage more sellers to list their New Zealand properties or sale.

Over the past year, the greatest price rise has been recorded in Dunedin, 2.2%, followed by Wellington, up 1.1%, followed by property in Auckland (+0.6%), and Christchurch (+0.4%).

Although property in Tauranga has improved rapidly over recent months, average prices are still 1.8% below last year. Property in Hamilton is the only main centre to drop back slightly and is now 0.9% down year-on-year.

See Also: New Zealand, property investment news

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