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
SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report