The second series of property market statistics released within days tells the same story - it is a buyers' market, with growth slowing rapidly.
The Quotable Value (QV) statistics follow the Real Estate Institute of New Zealand statistics for March, released on Friday, which showed sales volume nearly halved from March last year.
In the QV statistics, Dunedin is slowing the fastest of the main centres, with growth recorded of just 2.2%. Hamilton is also reducing its growth with an increase of 3.4%.
The statistics are calculated over the three months ending March 2008 in comparison with the corresponding period last year. In Dunedin, the growth rate more than halved, 2.2% compared with 5.3% reported last month.
The average sale price in Dunedin was $276,186. Nationally, the average sale price was $388,894, down from $393,240.
QV Valuations Dunedin spokesman David Paterson said the downward trend of recent months showed no sign of levelling out.
There was nothing on the horizon to reverse the trend moving into autumn and winter.
‘‘The general economic outlook is not particularly positive and this is impacting on the property market, just as it is with other investment markets. There has been anecdotal evidence of prices easing for some time now.''
The growth in the southern city was now negative, at minus 1.4%.
‘‘This is an indication of what we may see over the city as a whole in the months ahead.
‘‘There are large numbers of properties on the market at present. While houses are still selling, there appears to be insufficient demand to match supply.''
QV national spokesman Blue Hancock said the market was continuing to soften, with more listings and fewer buyers leading to reduced demand.
Market sentiment continues to be negative and heading into winter this was likely to continue.
In Waitaki, growth rose to 12.9% from 9.5%, with an average price of $209,967.
Growth dropped in Central Otago from 12% to 8.8%, with an average price of $326,471. In Queenstown Lakes, growth increased to 6.2%, from 5.2%, with an average price of $572,361.
In Dunedin, the strongest growth was in the Taieri, 4.3%, with the central-northern city recording 2.2%, and the Peninsula area 3.3%.
Growth in Clutha dropped from 13.1% to 12.1%, with an average price of $173,198.
