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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

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