8 Nov 2010

House values continue to fall

2:49 pm on 8 November 2010

House values are continuing to fall, though prices are still more than one percentage point higher than a year ago, figures from Quotable Value show.

Quotable Value says house prices rose 2.8% between September 2009 and March this year.

Values have fallen 1.6% since March and continued to fall in October, leaving values 1.1% higher than a year ago.

September's values had been 2% higher than the same month a year ago.

Quotable Value says the traditional pick-up in sales in spring has so far failed to eventuate and sales remain below the long-term average.

Values in Auckland stabilised but falls in Wellington, Tauranga and Hamilton have continued. A lack of listings has not helped.

Quotable Value do not expect values to pick up till the New Year.