Average Otago house prices continue to track close to the
national averages, except Dunedin which has slipped into
negative territory during the past three months.
Queenstown Lakes also took a quarterly hit, but remained
almost 40% up on the national average price.
As has been the case for the past two years, Christchurch and
Auckland continue to lead average and median prices, values
and price expectations, with volatility reigning in most
In government agency Quotable Value (QV) data released
yesterday, spokesperson Andrea Rush said values in the
provincial centres were variable, with many decreasing or
flat, but some areas had rising property values.
Dunedin-based QV registered valuer Duncan Jack said that
Dunedin city home values had decreased slightly, by 0.4%,
during the past three months, but were 1.3% higher than in
August last year.
''The residential property market across the city is showing
a slight downward trend over the past three months with
values in all areas down slightly,'' he said.
He noted the greatest number of sales has been in the range
below $300,000, with 75% of all recent sales occurring at
this level in recent times.
However, there also remained ''relatively good demand'' for
good-quality, well-presented homes in the above-$350,000
range, a trend during the past months and since the
loan-to-value ratio restrictions on banks were brought in
Nationally, residential property values for August increased
6.9% during the past year and 1.7% over the past three months
- meaning they were now 15.8% above the previous market peak
In Auckland, values were up 11.4% on a year ago and by 1.8%
over the past three months, with August's average $726,627.
In Christchurch, values were up 5.9% on a year ago and by 1.1
% over the past three months, with August's average at
Ms Rush said some South Island home values had increased
during the past three months, up 6% in Gore, 3.5% in Central
Otago and 2.3% in the Clutha District, but decreased 1.6% in
the Ashburton district, 2.1% in Invercargill City and 5.1% in
the Grey district during the same period.