Otago property prices down at end of 2009

Another new year, another change for the New Zealand property market.

The New Zealand Property Report, which was compiled by realestate.co.nz and released yesterday, shows asking prices for Otago properties declined 7.1% for December, compared with the previous three months, while Central Otago Lakes was up 4.7%.

The average asking price for Otago properties was $259,427, the third-biggest decline in the country after the Wairarapa ($260,778, -8.1%) and Taranaki ($301,178, -7.2%).

The average asking price for Central Otago Lakes was up 4.7% to $564,796, with Southland down 4.6% to $225,129.

The average asking price for a New Zealand property declined 1.7% to $412,319.

Compared with December 2008, the number of property listings for December 2009 for Otago was up 7% to 349, Central Otago Lakes was up 41% to 409, and Southland up 13% to 215.

The report recorded Central Otago Lakes as a buyers' market.

New property listings for December 2009 across the country numbered 10,349, an increase of 10%.

The increase in property listings was to do with the market a year ago, when the full economic impact was being felt on the property market.


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