QV commentary shows values dropping

Main Urban Areas Commentary:
To find out exactly what's happening in your area, use these links:

Auckland
Hamilton
Tauranga
Wellington
Christchurch
Dunedin

All statistics are calculated over the three month period ending February 2008 in comparison to the same period last year.

Auckland:
Property values in the Auckland region increased by 8.1% over the past year (calculated over the three months ending February 2008 in comparison to the same period last year). The average sale price for the region increased to $518,085 compared to $507,728 recorded last month.

"Annual growth rates continue to ease across the entire Auckland region dropping between 0.7% and 2.8%. We expect this trend to continue over the coming months," said Glenda Whitehead of QV Valuations.

"Of the main urban centres North Shore City experienced the largest drop in annual growth going from 11.1% to 8.3% despite recording the highest average sale price in the Auckland region of $598,131. Auckland City eased only 0.7% from 7.9% to 7.2%, with an average sale price of $589,265. Manukau City eased 2.1% to 9.2% annual growth, with an average sale price of $446,772. Waitakere City was down 1.3% to 9.4% annual growth, and has an average sale price of $406,327," said Whitehead.

"Our valuers have noticed increased caution in the market place. There appears to be a reduced number of active buyers and those that are purchasing are doing so with caution. The vendor-buyer expectation gap remains, with many buyers influenced by market commentary of a slowing property market, and therefore keeping that gap open. Some buyers are even using the predictions of large drops in property values to lower their current offers," said Whitehead.