Home buyers still sitting on the sidelines

Photo / Paul Taylor

Napier house values rose 1.4 per cent in the year to September to an average of $329,108, while Hastings dipped 2.9 per cent to $295,559, according to state valuer Quotable Value.

Central Hawke's Bay property values were up 2.2 per cent year-on-year to $207,336, but were still nearly 22 per cent lower than the 2007 market peak.

QV registered valuer Bevan Pickett said the Napier spring increase was tempered by Hastings' decrease.

"In general the market remains largely unchanged with activity relatively slow and values stable," he said.

"The arrival of spring and passing of the election may bring an increase to activity in the coming months and there is already some evidence the number of listings is on the increase."

Buyers were still "discerning" in their decision-making.

Boyd Hawkins, of Professionals in Napier, said his impression was that house values had held their own, but had not gone up.

"I would say the market is flat-lining," he said. "[House prices] come in swings and roundabouts. They might have gone up or they might not have."

Nationally, house values increased 6.4 per cent in the year to September $481,497 - up 16.2 per cent on the 2007 peak.

QV national spokesperson Andrea Rush said property prices were still rising but the growth rate was slowing.

"Auckland, Christchurch and Dunedin saw home values increase, while Tauranga remained flat over the past three months," she said.

"Wellington values continued the downward trend of recent months."

There was a lull in sales in the lead-up to the election, Ms Rush said. "The election result coupled with the coming of spring and stable interest rates is bringing renewed interest and activity to the market."