3 Oct 2018

Slowdown in house prices as more go on the market

7:40 am on 3 October 2018

House prices are expected to ease this summer as more home owners are looking to sell.

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Prices in Wellington and Dunedin surged the most in the past year. Photo: RNZ / Richard Tindiller

The Quotable Value (QV) House Price Index fell 0.6 percent in the three months to September, but prices are still up 4.6 percent for the year.

The national average value of a house here is now $676,427.

Auckland remains a $1 million market, despite price drops in almost all of its suburbs.

Most regions saw another steady rise in property prices in the quarter, however increases were less than they've seen previously.

Prices in Wellington and Dunedin surged the most in the past year, while the value of property in Christchurch deteriorated.

QV's general manager David Nagel said the apparent slowdown in prices suggested they would flatline from here.

More properties were listed on the market this spring compared to the same time last year, which Mr Nagel said would prevent sellers from hiking prices further.

Buyers had more choice, however vendors would keep asking for similar prices because interest rates were expected to remain low until 2020, encouraging buying activity, he said.