Property prices dip 6.8 per cent in year
4:00AM Monday Nov 10, 2008
By Grant Bradley

Residential property prices fell 1 per cent in October, taking the annual decline to 6.8 per cent, according to QV Valuations.

"Activity levels remain unusually low, especially considering that spring usually brings an upsurge in the number of house sales," said Blue Hancock of QV Valuations.

The average New Zealand sale price for October remained steady at $379,290.

Both buyers and sellers have been waiting to see the impact of the financial crisis, dropping interest rates and the election before committing to property transactions.

Across Auckland property values are down 7.7 per cent compared to the same time last year. The percentage is calculated by comparing the three months to October to the same three months last year.

The rate of decline across Auckland has slowed and there were reports of solid buyer inquiry at open homes, said Glenda Whitehead, Auckland manager of QV Valuations.

More here.