NZ House Prices Edging Upwards

By | October 13, 2009

12 October 2009

Recent statistics from QV Valuations (a leading property valuation agency) show increased activity in the New Zealand property market for the year to September 2009, with house prices recovering to levels close to that that of a year ago.

This data supports views that the New Zealand economy has emerged from its longest recession in more than 30 years, Reuters reported today.

In many areas of New Zealand, there has been an increase in sales with more listings.  According to QV Valuation Manager Glenda Whitehead, “this increase in activity is normal for spring but there is still a feeling that activity levels are below normal, with somewhat fewer listings to date this spring than was expected.”

It seems that in general there are more buyers than sellers with increased competition among keen buyers edging prices upwards. The average sale price across New Zealand increased further to $387,567 NZD in September from $385,426 in August.

Nationwide values are now up 2.7 percent up from their low back in April 2009, however values are still well below New Zealand’s property market peak of late 2007.

Increasing values in recent months mean that most of New Zealand’s main centres now have values above the same time last year.

The monthly residential price report from QV is based on sale prices of properties over the past three months compared with sales over the corresponding three-month period a year earlier. The data is not seasonally adjusted.

Ref: QV Valuations, NZ Herald