QV statistics confirm slowing property market

The latest figures show values grew 12.7% over the past year; an easing from the 13.2% reported in September.

The average sale price for New Zealand residential properties increased slightly to $406,176.

QV spokesperson Blue Hancock says, "The effect of higher interest rates and lessening buyer confidence is now reflected in a general slowdown in market activity and a shift from a sellers market towards a buyers market. Recent market indicators confirm that many people do not believe it is the right time to buy.

"Purchasers are being careful and taking a longer time to buy property. Developers and investors are also acting cautiously and seem willing to wait for further market signs to appear. Activity is patchy across a number of regions including the main urban centres. All predictions are for a gradual easing in the market overall, with the pace of any slowdown determined by the spring and summer activity".