Monday 10th November 2008 |
Text too small? |
The decline increased from the 5.8% rate in the previous month, according to Quotable Value, the government valuation agency. QV compares property value in the latest three months to the same period last year. The average sale price was $379,290 last month, down from $379,854 in September, it said.
"There appears to be uncertainty in the market, with many buyers and sellers waiting to see any impact from the financial crisis, dropping interest rates and the election before committing to property transactions, said Blue Hancock, a spokesman for QV Valuations. "Activity levels remain unusually low, especially considering that spring usually brings an upsurge in the number of house sales."
The nation's recession and the prospects of broader impact from declining world growth has spurred the central bank to slash interest rates since July. Some economists predict Governor Alan Bollard will cut the official cash rate by a further 50 basis points next month.
According to the QV figures, property prices in the Auckland area fell 7.7% over the past year to an average $498,383. Hamilton prices declined 9% to NZ$349,253. In Tauranga, the price fell 7.9% to $436,765 and in Wellington, decreased 6.1% to $411,228. In the South Island, prices fell 7.8% to $354,691 and in Dunedin dropped 8.2% to $257,950.
No comments yet
KMD - 1H FY2024 Interim Results
SCT - Resignation of Chief Executive Officer
March 19th Morning Report
SKC - APPOINTMENT OF CHIEF INFORMATION OFFICER
NWF - Chief Executive Officer Warren Koia Resignation
March 18th Morning Report
Pacific Edge Directors Give Notice of Retirement
Meridian Energy monthly operating report for February 2024
Another unworkable farming rule bites the dust
March 14th Morning Report