Statistics NZ has just released their data on the Value of Building Work Put in Place covering the period December 2008 Qtr.
It shows that seasonally adjusted, the volume of:
- All building work fell 6.5 percent.
- Residential building work fell 13.4 percent.
- Non-residential building work rose 1.6 percent.
To quote the report
The 13.4 percent fall in the volume of residential building work was partly offset by a 1.6 percent increase in non-residential building work. The most recent quarter in which the volume of residential building work fell by more than 13.4 percent was December 2000.
The seasonally adjusted volume of residential building work put in place for the December 2008 quarter is the lowest recorded since the March 2002 quarter.
The trend indicates that the volume of residential building work put in place has decreased for the last five quarters, falling by almost one-third over this period.
March 09 2009 | Nelson | No Comments »
The associated commentary from QV indicates values are still diminishing, but are suggesting that market activity is on the up.
All the main centres displayed near double digit decreases in prices.
And if you’re curious about the blanks on the graphic, then according to the press release on QV’s website, QV has taken the unusual step of not releasing statistics for the 16 regional areas “as the very low volume of sales makes the results statistically unreliable.”
As I mentioned a few posts ago, it will definitely be interesting to see our Nelson share percentage of total national sales.
Buyers are still seeking value, and to quote Mr Kerry Buckeridge of QV Valuations in Wellington;
“The most successful realtors in Wellington’s current market are those who are working very hard at keeping their vendors well informed, so that they may be better prepared for the lower offers coming through, relative to initial expectations. There are certainly a number of buyers around who are unashamedly seeking value and just assume the vendor needs to sell.”
I think you could swap the word Wellington above for other place in NZ and the words would be just as relevant.
GRAPHIC SOURCE – WWW.QV.CO.NZ
March 09 2009 | Nelson and The Market | No Comments »
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