Auckland prices starting to stabilise
However they have dropped by 0.7% since March this year. In contrast, values increased by 6.7% in the seven months to March.
Consequently, values now sit 5.9% above the same time last year, but 2.4% below the market peak of late 2007 as the graph below illustrates.
Glenda Whitehead of QV Valuations said; "Values in the Auckland region's residential market now appear to levelling, although it is too soon to tell whether this is the end of the downward trend which has persevered since March".
"August activity remained light and caution prevails, but we are seeing early signs that home owners are gearing up to make decisions. We suspect many are assessing their options and actively seeking information, as we have noticed a recent in increase in Market Valuation reports by QV's registered valuers" Ms. Whitehead said.
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