Otago property values are declining at a slightly lower rate than the rest of the country, as the market outside Auckland flattens.
Quotable Value's March statistics for the residential property market show a 9.3% decline in national property values during the past year, with Dunedin at -8.8%, Waitaki -6.9%, Central Otago -6.1%, Queenstown Lakes -7.9%, and Clutha -5.5%.
The national decrease was down further from the 8.9% decline reported in March.
Quotable Value's Blue Hancock said the organisation's analysis showed the decline was being driven by falls across the Auckland region, particularly in Auckland City and Manukau.
"Many other areas of the country are beginning to see property values flattening, particularly in provincial cities and across parts of the Wellington area."
The organisation's valuers had reported signs of increased buyer activity in the market, with more people attending open homes, and more sales occurring.
March is traditionally the month when most sales occur.
Real Estate Institute of New Zealand (REINZ) Otago branch president Stephen Johnston said the number of sales had increased recently.
