Lakes, Central Otago lead way in South

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 exercising caution.

''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.

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