8 Sep 2008

NZ housing market still down

8:54 am on 8 September 2008

Housing values nationwide dropped 4.5% on average in the year to August but the valuation agency, Quotable Value, is reporting signs of stability.

The average price was $391,487.

The drops are across metropolitan and provincial areas with only Southland bucking the trend.

Gisborne properties are 10.4% below a year ago and in Hamilton, they dropped by 8.5%.

Dunedin values have sunk 7.8%, while Invercargill values have just begin to drop.

Values in Wellington are down 2.9% while in Auckland, they are down 5.8%.