Housing values continue their steady decline

House values dropped further in the year to February, says QV Valuations, which expects values to continue easing for the rest of the year.

The country's houses lost 8.9 per cent of their value in QV's index, which is calculated over the last three months' market figures compared with the same period last year.

This follows an 8.3 per cent decline in QV's index to January, reported last month.

The national average house sale price is now $383,786.

QV Valuations spokesman Blue Hancock said values in the main centres continued to drop further - Auckland and Dunedin to -9.4 per cent, Wellington -9.3 per cent, Christchurch -9.1 per cent, Whangarei -12 per cent and Gisborne -12.2 per cent.

On the bright side, Hamilton's values stalled at last month's -10 per cent, while Tauranga improved from -9 per cent to -8.4 per cent and Rotorua from -11.9 per cent to -10.8 per cent.

To read the full NZ Herald article click here

Posted: 9 Mar 2009

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