Property Market Continues to Slow

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QV’s residential property statistics released today indicate that nationally, property values increased by 11.5% (calculated over the three months ending June 2006 in comparison to the same period last year). This is down from the 12.4% growth reported in May, and down from 16.8% growth reported in January. The average New Zealand sale price was $328,829 for this period.“New Zealand’s residential property market continues to cool with the growth rate decreasing for the fifth consecutive month. The 11.5% growth rate is still well above historic levels with many centres still recording growth rates in excess of 20%” said QV spokesperson Blue Hancock.

Sunday, July 9th 2006, 12:00AM

by The Landlord

The main cities have again seen slight decreases in the growth rate, Hamilton down to 19.2%, Christchurch 11.3%, Wellington 10.5% and Auckland 6.7%. Dunedin showed the lowest growth of 5.8%.

In the provincial cities Whangarei 23.0%, Gisborne 24.2%, Invercargill 14.0% and New Plymouth 11.0% all reported decreases in the growth rate for the period ending June 2006.

The following regional areas showed a consistent growth rate to that reported in May; Masterton 22.1%, Marlborough 10.9%, Western Bay of Plenty 18.8%, Manawatu 16.7% and Tasman 7.8%.

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