QV October Valuemap shows prices down
The latest QV Property Valuemap released today shows residential property prices have declined further.
In Nelsons case, not as much as other centres, but on a par with the likes of Invercargill & Napier.
QV went on to say …… Most of the main centres are showing further slight declines in property values. Across the Auckland area property values are down 7.7% compared to the same time last year, declining slightly from the -7.0% reported last month. Hamilton City’s values have also dipped slightly further to -9.0%, Tauranga to -7.9%, the Wellington area to -6.1% and Christchurch to -7.8%. Dunedin improved slightly to -8.2% compared to the -8.5% reported last month.
There is more variability in the change in property values across the main provincial centres. Whangarei (-8.5%), Rotorua (-9.4%), New Plymouth (-8.1%), Queenstown Lakes (-8.1%) and Invercargill (-4.6%) are all showing year on year declines greater than those reported last month. Wanganui (-6.0%), Palmerston North (-9.5%) and Nelson (-4.9%) also declined further, but only slightly. The year on year change in Gisborne remains unchanged at -10.1%, while Napier (-4.3%) and Hastings (-5.0%) have both recovered slightly.
Nelsons decline was reported much as in the same vein after Septembers results, a month ago, with the following headline….
Region’s house price falls less than most.
Good news today that petrol is now under the $1-60 for the first time in quite a while.
QVs national spokesman Blue Hancock went on to say
“Activity levels remain unusually low, especially considering that spring usually brings an upsurge in the number of house sales,” and “There appears to be uncertainty in the market, with many buyers and sellers waiting to see any impact from the financial crisis, dropping interest rates and the election before committing to property transactions.”
It has to be said, and as I’m sure REINZ data will indicate when released soon, that the above data is based on volumes that are down quite a bit on corresponding periods from last year. Would be hard to imagine that after the last month with all the turmoil in the share market, and talk of global finacial issues, that we would have had a record month.
I think Blue hit it on the head with his statements there.
November 10 2008 12:39 pm | Nelson and The Market and Uncategorized
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