Property values across New Zealand have continued to slide in recent months but figures released this morning (Monday) by QV show Dunedin bucking the trend.
National values are still above the same time last year due to increases in the second half of 2009, but recent falls had closed the gap.
Values were now 5.2% above last year, down from the 5.6% reported last month.
QV Valuations valuer Tim Gibson said Dunedin property values increased by 5.8%, compared with the 4.8% annual growth reported in May.
The values were calculated over the three months ending June compared with the same period last year.
The average sale price in Dunedin increased from $269,848 to $278,475.
The increase in the gap in values between last year and this year was due to variability both in recent months and the same time last year, he said.
Unlike most of the other main centres where the year-on-year gap was closing, values in Dunedin had not consistently fallen since the start of the year.
"Interestingly, the top end of the property market is showing some activity, with four houses over $900,000 sold in June. These higher-level sales will account for some of the increase in the average sale price shown for the month of June," Mr Gibson said.
All four sub-areas of Dunedin which QV monitored had experienced a small increase in annual growth since May.
Peninsula-Coastal Dunedin had shown the most at 1.4% from the previous month, while the Taieri area had shown the smallest at 0.1%.
"Given the softness of the current market, this is more likely a continuation of flat growth, rather than the start of a recovery," he said.
