House values climb but many vendors choose to stay put

Property values are continuing their climb in the main centres but many vendors are choosing to stay put rather than sell their homes.

Figures released today from Quotable Value show nationwide values are up 4.1 per cent from April but are still 5.9 per cent below the market peak of late 2007.

The average sale price across New Zealand increased to $393,373 in November from $389,198 in October.

The increase is largely driven by the main urban areas which have risen 4.7 per cent since the low.

In Auckland, values are now 3.1 per cent above last year with the average sale price for the region increasing from $506,642 to $519,051.

Manukau East was down from 7.2 per cent to 6.6 per cent but still remained highest in the region ahead of Onewa on 5 per cent while Auckland City had a marginal increase to 2 per cent.

QV spokeswoman Glenda Whitehead said a continued shortage of listings and pent-up demand in some areas had increased buyer competition, pushing up prices in the process although the usual pick-up in activity over spring had not happened.

To read the full NZ Herald article click here

Posted: 8 Dec 2009

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