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NZ property values extend gains in February, QV says

Tuesday 13th March 2012

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New Zealand residential property values rose in the latest three months in a market that is still characterised by cautious buyers, according to government valuer Quotable Value. National property values rose 1.1 percent in the three months ended Feb. 29 and have gained 2.9 percent over the past year, QV said.

Values are now 2.9 percent below their market peak of late 2007.“There has been a noticeable increase in activity in the market over the last month, which is typical for this time of year,” said QV research director Jonno Ingerson, in a statement. “There is still a shortage of properties for sale in some areas, and in general buyers are acting cautiously and carefully.”

The QV figures come after Real Estate Institute figures today showed home sales jumped 37 percent in February though with a note of caution that there remains a shortage of listings.

In Auckland, values rose 1.7 percent over the past three months and were up 4.8 percent in the year, holding its position as fastest-growing main centre. Values in Hamilton rose 0.9 percent in the past year while in Tauranga they gained 1 percent.

In Wellington, values were unchanged from a year ago, though that reflecting a decline in the first six months and a rebound in the second six-month period.

While prices in Wellington were firming and listings on the rise, buyers “are still being cautious, especially with the public sector restructuring and its effect on job security in the region,” QV said.

Property values in Christchurch rose 4 percent in the past year, to be level with their peak in 2007. In Dunedin, values rose 2.3 percent over the past year.

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