Property values keep falling

Property values continued to fall during December, but the rate of decline has slowed, indicating that values are beginning to stabilise.

Latest figures from Quotable Value show property values are now 0.9 per cent below the same time last year and 5.8 per cent below the market peak of late 2007.

While values rose during the first four months of year, they declined again from April, and by December had fallen 1.9 per cent compared to nine months earlier.

However, the rate of decline began to slow towards the end of 2010, suggesting that values may be beginning to stabilise in some areas, QV.co.nz research director Jonno Ingerson said.

Values in the Auckland region increased by more 1.5 per cent between January and March before dipping again until July, and ending the year 0.6 per cent above the same period in 2009.

Values of residential properties in rural areas stayed flat across the first part of the year, before dropping away across the remainder of 2010, Ingerson said.

To read the full NZ Herald article, click here

Posted: 13 Jan 2011

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