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  1. #1
    Join Date
    May 2004
    Bay Of Plenty, NZ

    Default Further slowing in house prices

    Monday, 09 June 2008

    And REA's are trying to tell us that the market isn't slipping...... yeah, right!!

    New Zealand house price growth continued to slow in May with some areas beginning to show a decline, QV said in its monthly report.

    House prices rose by 2.4 per cent nationwide against a year earlier, down from 4.9 per cent growth reported in April.

    "There are increasing reports that where sellers aren't under financial pressure or needing to relocate, they are choosing to take their properties off the market or rent them out rather than accept lower offers," said Mark Dow of QV Valuations.

    "Both our preliminary statistics, and feedback from our valuers in the field, suggest that this decline is set to continue for some time yet."

    Last week, the Reserve Bank forecast a fall in house prices by 13 per cent, or 22 per cent adjusted for inflation, from their peak last year. After the first oil shock in the 1970s, real house prices fell 38 per cent.

    QV said that in May, the average house price fell by about $1000 to $387,299.

    Annual growth slowed in all the main urban centres. Auckland area house prices rose 1.8 per cent to an average $508,651, down from 4.7 per cent growth in April. Growth in the Wellington area of 3.7 per cent was down from 5.3 per cent in April.

    Hamilton City house price growth eased to 0.5 per cent from 2.3 per cent, Tauranga slowed to 1.1 per cent from 3.5 per cent, and Christchurch growth of 1.9 per cent was down from 4.6 per cent.

    Dunedin was the only main centre to show a decline in annual property values, with a fall of 2.2 per cent from a 0.5 per cent decline in April.

    Among provincial centres, only Wanganui's growth rate increased, to 2.1 per cent from 1.7 per cent.

    Queenstown's annual growth fell to 1.1 per cent from 6.3 per cent, while Invercargill still led with the highest growth rate of 15.3 per cent, down from 19.3 per cent a month earlier.

    QV calculates its figures over three month periods, comparing data with the corresponding period a year earlier.
    Bold highlighting is mine.
    Patience is a virtue.


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