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Property market to stay flat while uncertainties remain

New Zealand property values will probably stay flat until all of the uncertainties weighing on home owners are cleared up, according to QV Valuations.

Monday, April 12th 2010, 4:04AM 1 Comment

by Paul McBeth

New Zealand property values rose 6.1% in the year through March, and the average sales price dropped to $407,133 from $416,074 in February, in a market that has become more cautious, QV said.

Spokeswoman Glenda Whitehead said the government's tax package that is expected to hit residential property investors, the prospect of rising interest rates from the middle of the year, and bank lending criteria were all still weighing on property owners' minds and this will continue until they have certainty.

"It's a mixture of all of these factors that are holding the market back," Whitehead told Landlords.co.nz. People are more willing to take longer to sell their properties and there is not an exodus from the market after the surge to join it a couple of years ago, she said.

"Property investment has become a household decision and people are going to wait until they get the value they want - if that takes 40 days to sell then so be it," she said.

Auckland house sales picked up last month, with Barfoot & Thompson, the city's largest real estate agency, recording a 48% jump in the number of sales from February. That came at a time when the property market seemed to be heading for a small slump as banks approved fewer mortgages and demand for new housing eased from last year's peak.

Whitehead said buyers are being more discerning, with "well-presented and appropriately priced" properties selling well.

In Auckland, property values increased 9.9% in a rolling three-month period ending March 31 from an 8.7% gain in February, while the average sale price dropped to $546,052 from $548,062.

In Wellington, values increased by 6.6% in the rolling three month period, from a 6.7% gain reported in February. The average sale price declined to $458,260 from $468,698.

Christchurch property values rose 6.9%, from the previous month's 6.9% gain, with the average sale price down to $374,117 from $380,925.

To view what's happening in the main urban areas, click here.

Paul is a staff writer for Good Returns based in Wellington.

« Momentum building in house market, according to ANZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Comments from our readers

On 13 April 2010 at 8:01 am Steve said:
What effect is expected on the rental property market following the enactment of the Electrical Safety Regulations 2010, Section 26? Is this likely to depress rental property values further?
Commenting is closed

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

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