Property values continued to grow in the three months ended February but the rate of increase was down on the previous period, Quotable Value NZ said today.
QV's February statistics show residential property values grew 7.7 per cent over the three months, down on 8.9 per cent growth
reported for the three months ended January.
The average sale price increased to $393,240 from $390,636.
QV spokesman Blue Hancock said the property market was "fairly subdued".
"Banks have lifted their mortgage rates, properties are staying on the market for longer, and the volume of sales is really dropping. There are less active buyers and sellers in the market, with those keen to sell having to accept lower offers," he said.
Hamilton recorded the greatest easing in property value with growth dropping from 8.3 per cent to 6.1 per cent.
Wellington City was down from 10.6 per cent to 9.2 per cent, Christchurch from 6.9 per cent to 6.1 per cent and Dunedin from 6.1 per cent to 5.3 per cent.
Auckland City slowed from 7.9 per cent to 7.2 per cent and Tauranga from 3.4 per cent to 2.9 per cent.
In the provinces, Whangarei (7.3 per cent), Gisborne (5.4 per cent), Taupo (0.1 per cent), Wanganui (5 per cent), New Plymouth (3.9 per cent), Palmerston North (7.1 per cent) and Queenstown (5.2 per cent), all slowed.
- NZPA
