National home values have continued steady price increases on
a year ago.
Central Otago and Queenstown Lakes are the southern
standouts, but volumes are well down on a year ago.
Quotable Value's price index for June showed national
residential property values increased 8% over the past year,
which meant they were now 15% above the previous market peak
of late 2007, QV national spokesperson Andrea Rush said.
''The nationwide index is still increasing, but the picture
around the country is mixed,'' she said.
She noted sales volumes and home loan approvals, both new and
existing, were ''down considerably'' on a year ago, by
between 15% and 20%.
QV southern manager Tim Gibson said the market was ''fairly
slow but steady at present''.
Slight drops in the value index were fairly consistent across
most Dunedin suburbs.
''The market is certainly quieter than earlier in the year,
which is partly due to the winter season and buyers
''Generally, there remains stronger interest and activity in
the mid-higher end of the market,'' Mr Gibson said.
On values a year ago, Central Otago was up 4.2% to $313,350
and Queenstown Lakes up 4.3% to $664,353, but during the past
quarter the values were down respectively 0.7% and 0.5%.
Ms Rush said the Auckland market had increased 12.3% year on
year and values were up 31.4% since 2007.
''Residential property values in Auckland and Christchurch
are still increasing at a similar rate to what they were in
June last year,'' she said.
However, values in Wellington and Dunedin were showing a
downward trend this month, as were other provincial centres
around the country, she said.