It is becoming a buyers' market in real estate, and sellers are being advised to consider any offer close to expectations.
The latest statistics from Quotable Value show growth in property values slowed across Otago in February, though the Clutha district and some parts of Dunedin appear to be bucking the trend.
The average sale price in Dunedin was $280,121, an increase of 5.3%, down from 6.1% last month.
Waitaki recorded an average of $211,483, with growth dropping from 13% to 9.5%, Central Otago's average was $309,410, growth down from 12.8% to 12%, and Queenstown Lakes was $583,752, growth dropping from 6.7% to 5.2%.
The average sale price in the Clutha district was $176,841, where growth actually increased from 8.9% to 13.2% The northern area of Dunedin, the Peninsula and the Taieri recorded small growth increases of 0.1%-0.6%.
Nationally, statistics show a 7.7% increase in property values in February, down on the 8.9% growth recorded in January.
The average New Zealand sale price increased to $392,240 from $390,636.
QV spokesman Blue Hancock said nationally the property market was fairly subdued, with fewer active buyers and sellers in the market.
‘‘Clearly, the market is slowing down and taking a breather, and we expect this will continue given the current market conditions. It looks like we may be in for a sustained period of less activity in the property market,'' he said.
QV Valuations Dunedin spokesman David Paterson said value growth had continued to ease as predicted.
‘‘This downward trend in growth started in August last year and with the recent interest rate increases we expect this will continue well into the year.
While the statistics do not show values are dropping, there is evidence of prices easing in some instances, particularly for properties that require some attention in the way of deferred maintenance, or those with design features that do not suit the wider market,'' he said.
‘‘These properties would generally sell well in a buoyant market, but under normal market conditions would attract a more significant discount.''
The market favoured the buyer because of the high number of listings and the reduced demand, Mr Paterson said.
