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Housing market definitely slowing: QV

By Jenny Ruth

Monday 14th February 2005

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 Jenny Ruth
The latest Quotable Value figures confirm that while the housing market remains strong, the rate of growth is slowing.

They show the value of New Zealand homes rose an estimated 13.5% in the year ended January.

That compares with the last figures QV releases showing a 16% increase for the year ended September.

QV has changed the way it presents its figures, no longer providing quarterly information with the exception of when it releases its full year figures in about April, says Blue Hancock of QV Valuations. However, it will now be releasing figures every month rather than once a quarter.

"There's definitely a slowdown in the market, there's no question about that," he says, adding that sales volumes are down in most regions.

The latest figures also show that, for the first time since the current boom started, there were value declines in two areas, Nelson City, down 3.1% from a year earlier, and central Auckland City, down 1.8%.

Two other previous hotspots showed little growth, Tasman up 0.8% for the year and Queenstown Lakes up 1.5%.

Auckland's decline is confined to the central city area only with its eastern suburbs growing 6.3% and its southern suburbs up 4.7%.

"The trend of the past year is continuing with those areas that peaked first through the boom slowing significantly," Hancock says.

"However, many regions in New Zealand that were late to experience the boom times are still seeing good growth in property values. These areas include Opotiki, up 57.9% (although QV cautions the volumes were small), Stratford, up 41.9%, and Waimate in Canterbury, up 40.6%.

Other strong areas included the Far North, up 33%, New Plymouth up 33.6%, Hauraki, up 32.8%, Clutha, up 34.4%, Mackenzie, up 36.8% and Buller, up 39.7%.

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