6 July 2009

Stability in New Zealand house prices is improving according to latest data released by QV Valuations – New Zealand’s largest valuation and property information company.

June was the third consecutive month in which there has been an improvement in the annual change in property values and this reflects the continued stabilisation of New Zealand’s Property market.  Property values have risen in most of the main centers in the three months to June.

QV also reported an increase in median sales price with the median in June at $378,535, up from $371,555 in May.

QV Manager, Glenda Whitehead said “the volume of sales is approaching more normal levels, and the market is more stable.”

Increasing optimism in relation to New Zealand property was reflected in QV’s “State of the Market” survey.  The survey reported mixed perspectives in relation to the property market but there was a notable increase in the number who believed now was the time to buy before the market picked up.

The survey also highlighted the housing shortage issue with more people intending to buy in the next twelve months than those intending to sell.  This may to lead to further shortages of property for sale which will put pressure on property prices.