QV property stats out - is the slump over?

New Zealand property values are beginning to stabilise, but are still 5.6 per cent below the market peak in 2007.

The latest QV residential property indices for November show the rate of decline has slowed in recent months and it apeared values were beginning to stabilise.

"This time last year values were steadily increasing from a low in early 2009. This increase continued until March 2010, then values began to gradually decline. As a result the gap between values this year and last year has closed further to 0.3 per cent," QV said.

QV.co.nz research director Jonno Ingerson said the ability to secure bank funding remained a concern for buyers, who were also taking their time over purchase decisions.

Good quality properties in established suburbs across main centres continued to sell quickly and for good prices, he said.

"There has been an increase in the number of properties put on the market over the last few months, as is typical of this time of year.

To read the full NZ Herald article, click here

Posted: 7 Dec 2010

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