The Nelson region is leading the way in a nationwide slowdown in the residential property market, Quotable Value central region manager Blue Hancock says.
Wednesday, April 20th 2005, 8:12AM
by The Landlord
Quotable Value figures released on Monday show the Tasman district experienced a 5.2 percent decline in property values during the first quarter of this year compared with the same period last year.
Nelson dropped 4.3 percent, and the two areas were the only ones in New Zealand to record a decline.
Nationally, residential property values grew by 12.1 percent in the year to March, 2005, which was down from 13.5 percent for the year to February.
Mr Hancock said the Nelson region was the "first to take off" and climbed rapidly during the boom.
"Now people see it easing back a lot, it's just a correction."
While the market had cooled off, the last couple of months had seen a lot of sales at the top of the market which affected the median price. This included about six or eight houses in Richmond's Hill St selling for more than $600,000, he said.
