tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

News

rss
Latest Headlines

Further signs property values easing

National residential property values have grown 4.9% over the past year, down from the 6.5% growth reported in March, according to the latest Quotable Value statistics for April.

Monday, May 12th 2008, 6:00AM

by The Landlord

Main urban areas commentary here

The average New Zealand sale price remained steady at $388,465, according to the April report.

'Although the change in property values over the past 12 months is still positive at 4.9%, it's interesting to look deeper into the figures,' says QV spokesperson Blue Hancock. ‘Most of this growth occurred in autumn last year, while values remained pretty flat through the second half of 2007. Over the first three months of 2008 we are beginning to see property values easing back over most areas of New Zealand. With property listings still high, buyer demand reducing and the typical slowdown through winter, we would expect this trend to continue and our monthly statistics will likely show declining values in the coming months.’

After such a sustained period of growth seen across the property market, a correction was inevitable, says Hancock, ‘and we are definitely seeing that happening.’

How long buyers stay out of the market will determine the size of the correction. ‘If immigration stays positive, rents start to increase and investors begin to see bargains then demand may turn around again,’ says Hancock.

Annual growth rates continue to slow in most of the main urban centres. Auckland City's growth rate eased the fastest from 6.2% reported last month to 3.2%. Hamilton (2.3%) and Christchurch (4.6%) both dropped back just over 1%. Wellington City's annual growth remains the highest amongst the main centres at 5.3% despite a 2.1% drop from last month. Tauranga's annual growth remained relatively steady at 3.5%, while Dunedin is the first of the main centres to show a decline in annual growth at -0.1% compared to the same period last year.

Most of the main provincial centres also showed slowing annual growth rates. Gisborne (1.1%), New Plymouth (0.5%), Wanganui (1.7%), Palmerston North (1.8%) and Nelson (3%) are now all showing property values only slightly higher than the same time last year. Rotorua was stable at 5.8%, while Napier and Hastings both increased slightly from last month to 4.1%. Queenstown again showed an increase from the previous month, now climbing to an annual growth rate to 7.4%. Despite a further decline this month, Invercargill still has the highest annual increase of any area in NZ at 19.1%.

Find out what is happening in the main urban areas here

« Tauranga stays on topQV regional highlights »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com