7 September 2009

Data from one of New Zealand’s leading property valuations companies, QV Valuation, has shown positive results for the New Zealand property market during August.

Four consecutive months of value increases have pushed up nationwide property values 1.9 percent higher than they were back in April this year.

In August the national average sales price increased further to $385,426NZD from $382,758 in July.

QV Valuation Manager Glenda Whitehead commented that confidence appeared to be returning to the market with solid sales activity during August.  The number of sales is up from this time last year when they were at historical lows.

A continuing shortage of listings has sparked renewed interest in property.  The increased competition amongst buyers is resulting in quality properties selling quickly and prices being pushed up.

But Ms Whitehead warned that the recent rise in values was likely to be a temporary surge rather than the start of another boom.

“If more properties come on to the market in spring, as expected, then the imbalance of motivated buyers and the shortage of quality properties could be corrected and values stabilise.”

Property values in all of New Zealand’s main centres have increased in value over the past three months.

Auckland:
The average sales price for the Auckland region increased slightly from $500,315NZD to $502,022NZD.

Wellington:
The average sales price in Wellington rose from $429,571,NZD to $431,614NZD

Christchurch:
The average sales price for the city increased slightly from $342,993NZD to $344,401NZD