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
PORT OF KARUMBA - A POTENTENTIAL PHOSPHATE EXPORT PORT
NZME - Appointment of new Chair
Infratil Limited Annual Meeting and Director Nominations
Rua and Cann reach positive resolution in legal proceedings
Meridian appoints new General Manager
June 4th Morning Report
General Capital Welcomes the Deposit Compensation Scheme
AGL - Accordant Group FY25 Annual Report
Chorus submits 2024 fibre regulatory report
May 30th Morning Report