It shows that New Zealand residential properties have grown value by 12.1% in the 12 months to March 2005, but down from the 13.5% annual growth reported in February.
The majority of areas in New Zealand experienced slowing levels of residential property value growth, where the annual property growth figures for March were below those reported last month.
There remain a number of areas that are still experiencing annual property value growth in excess of 20%, including New Plymouth (31.2%), Wanganui (32.4%), Dunedin (23.8%) and Tauranga (21.2%), but all these areas also slowed from the annual growth figures reported last month, with areas of Dunedin slowing by up to 5%.
“The cooling of property values started in the major urban areas of New Zealand, and now has begun to extend into some of the provincial cities”, said QV Valuations Blue Hancock.
Tasman experienced a further decline in property values (-5.2% annual change), while Nelson (-4.3%) was the only other area to experience a decline in property values, although this decline is consistent with the February figures.
“Expect the trend of gradual slowing of property value growth to continue for most areas in the coming months” Hancock said.
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