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Property values cool further THE latest statistics from Quotable Value (QV) report a 10 per cent growth in national property values over the past year (calculated over the three months ending December 2007 in comparison to the same period last year).The growth rate eased from 11.4 per cent reported in November with the average New Zealand sale price also easing to $388,253 (from $393,198). "Looking back across 2007, the growth in property values started the year at 8.8 per cent per annum in January, rising steadily to a high of 13.3 per cent in August. "The cost of borrowing and slowing immigration has softened demand since, with our figures showing a drop in each of the last four months to end the year at an increase in property values of 10.0 per cent. "There is nothing in our statistics to suggest that this trend will not continue into 2008, with the Spring market having failed to provide the usual resurgence" said QV spokesperson Blue Hancock. "Our valuers report steady levels of activity in many areas of the country but a definite slow down in others. Prospective purchasers are definitely being more cautious," said Mr Hancock. In the main urban centres, Hamilton recorded the largest decrease in annual property value growth, slowing to 11.8 per cent from 14.5 per cent. Auckland City, Christchurch and Dunedin's growth rates all dipped by levels of between 1.5 per cent and 1.7 per cent, with growth easing to 9.1 per cent, 8.2 per cent, and 6.9 per cent respectively. Growth eased slightly in Wellington from 11.6 per cent to 11.4 per cent and Tauranga decreased from 5.4 per cent to 5 per cent. Most of the provincial centres also recorded easing growth rates with noticeable decreases in Invercargill 29.4 per cent (previously 34.8 per cent), Gisborne 7.7 per cent (previosuly 14.4 per cent), and Wanganui 8.2 per cent (last month 13.5 per cent). Growth in property values slowed to 12.7 per cent in Queenstown and remained at 11.5 per cent in Rotorua. Easing annual property value growth was also reported in Whangarei 10.7 per cent, New Plymouth 3.4 per cent, Palmerston North 8.4 per cent, and Nelson 10.8 per cent. Conversely, Napier's growth rate increased to 7.7 per cent this month (from 7.1 per cent). |
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