QV regional highlights - May 2009

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Auckland
Hamilton
Tauranga
Wellington
Christchurch
Dunedin

Auckland

Property values in the Auckland region declined by 7.6% over the past year (calculated over the three months ending May 2009 in comparison to the same period last year), an improvement on the 9% annual decline reported in April. The average sale price for the region decreased from $486,986 to $483,397.

"The buoyant mood that started post- Christmas continues, with more groups through open homes, more competitive bids at auction, and the number of days to sell down in general. The net result is the small recovery in values we see in our numbers this month. Agents are anecdotally confirming this and are also reporting that there is a shortage of listings in many areas. Overall there is stronger demand for property from both home-buyers and investors, particularly in the West, including Te Atatu, West Harbour and Titirangi. It would be fair to say that the majority of activity within wider Auckland is in what we describe as the ‘affordable' price bracket, typically under $500,000," QV's Glenda Whitehead said.