The average sale price of a house in New Zealand was $371,555 (£145,651) in May. Over the calander year, there has been a 8.1 percent drop in property values.
Commenting on falling house prices in New Zealand, Quotable Value’s spokesperson Glenda Whitehead said:”The recent stabilisation in values indicates that the wider market is moving toward some form of equilibrium. In many areas there continues to be strong interest in property, with more potential purchasers attending open homes, and more competitive offers being presented. Vendors have typically adjusted their price expectations to meet the current market, and buyers are presenting reasonable offers, knowing they have some competition. There is an obvious lack of new listings coming onto the market in some areas, this creates higher demand and therefore helps hold and even push values up slightly.”
House Prices in New Zealand
Three Months Ending May 2009
|Location||Average House Price (NZ$)||Comments|
|Auckland Region||$483,397 (£189,493)||Property values in the Auckland region fell by 7.6% over the past year. The buoyant mood that started post- Christmas continues, with more groups through open homes, more competitive bids at auction, and the number of days to sell down in general. The net result is the small recovery in values we see in our numbers this month..|
|Hamilton||$346,274 (£135,740)||Hamilton’s property values decreased by 7.5% over the past year a slight improvement on the 8.8% fall last month.For the third consecutive month the rate of annual decline in the Hamilton region’s housing market has eased.|
|Wellington Region||$424,411 (£166,370)||Wellington’s property values decreased by 7.4% over the past year. From these latest figures it is obvious that the encouraging signs that have been seen in the market place over the last couple of months have had a positive affect on values in and around Wellington.|
|Christchurch||$339,695 (£133,162)||Property values in Christchurch decreased by 8.1% over the past year. Anecdotal evidence from different market segments suggests the level of activity to be strong under $350,000, which typically represents the entry-level and investor part of the market. This is followed closely by the $350,000 to $600,000 market segment, which generally represents the next step up the property ladder for most people.|
|Dunedin||$264,180 (£103,559||Dunedin’s residential property values decreased 5.4% over the past year. The market is finely balanced and it wouldn’t take much to send it into further decline. While affordability has improved markedly over the last year, there is a real concern about job security.|
|Tauranga||$425,621 (£166,845)||Property values in Tauranga decreased by 9.4% over the past year. Improvements in the retail, agricultural, business and employment sectors need to take place before a sustainable recovery in the property market can occur.|
* Assumed exchange rate is £1 = NZ$2.551
** New Zealand’s average house prices are not directly comparable with the UK’s because, unlike the UK, the average home in New Zealand is a detached bungalow.