Small rise in house values halts decline

New Zealand house values rose slightly last month for the first time since last March, due to continued sales of good quality houses in larger centres, according to valuer QV.

Property values in February were down 1.7 percent on a year earlier, following a similar-sized decline in January, but were 0.13 percent higher than in January, QV.co.nz research director Jonno Ingerson said.

National values gradually declined throughout most of 2010 and then flattened for several months before their small increase. Values remain 5.6 percent below the market peak in late 2007.

"Although the volume is pretty low, the type of properties that are selling at the moment - which tend to be quality family-type properties in good areas - they are still selling strongly and for good prices," Ingerson said.

"Because of that you're seeing across the main centres prices holding or increasing slightly, and because of that it's pushing up the New Zealand number."

To read the full NZ Herald article, click here

Posted: 8 Mar 2011

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