Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Urban house prices continue to fall - QV on-line


Media Statement
For immediate release 18 August 2000

Urban house prices continue to fall according to QV on-line report

The domestic urban property market is still generally in decline according to statistics released today by QV on-line – a division of Quotable Value New Zealand Limited– although there are some positive indications.

In the six months to the end of June 2000, the average sale price for houses fell by nearly 2 percent compared to the corresponding period in 1999 - from $189,694 to $186,233.

In the same time period, the average sale price for ownership flats fell by 8 percent from $170,900 to $160,573. The vacant residential section market bucked this trend, increasing by 6 percent from $84,865 to $90,427.

The figures also show considerable regional variations in sales trends, with volumes and prices generally continuing to fall in the Auckland region but rallying in the greater Wellington region.

The general manager of QV valuations, Bethia Gibson, said the results reflect the continuation of the uncertain market conditions of recent times as a result of fluctuating economic conditions.

“It appears that many potential property purchasers and investors are continuing to adopt a wait and see attitude in the current economic climate,” Ms Gibson said.

“I think it will take a substantial shift in the general public’s perception of the state of the economy in order to see a significant lift in the overall urban property market.”

However, Ms Gibson noted that there were some positive trends displayed in the latest statistics particularly in the sales of improved commercial and industrial property.

“The average price paid for improved commercial property in the CBD of major urban areas in the June half year, has risen from $853,669 in the six months to the end of June 2000, to $1,159,598 compared with the six months to December 1999.

The average price paid for improved industrial property in major urban areas has also risen, from $422,918 to $446,878 across the same period.

“This suggests that while there is still some pessimism in the national commercial investment sector, substantial purchases are being made in the higher priced, quality property market.”

ENDS

For further information, please contact:
Bethia Gibson
General Manager - QV Valuations
Tel: 0-4-473 8555

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tornado Aftermath: More Storms Forecast For New Plymouth

Up to 30 homes were damaged Monday night when a tornado roared through a New Plymouth suburb last night , cutting power lines, tearing off roofs, and toppling trees. More>>

ALSO:

Government Investment Rejig: Sustainable Food & Fibre Futures Launched

Growing New Zealand’s food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new investment programme announced today by Agriculture Minister Damien O’Connor. More>>

Dump Levy Options: Waste Work Programme Announced

Associate Environment Minister Eugenie Sage has announced a programme of work to take action on New Zealand’s long-neglected waste problems. More>>

ALSO:

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO: