Timaru Herald

Property values in Timaru are 4.3 per cent higher than the same time last year, QV residential property figures show.

It follows the national trend for April, of an increase of 6.1 per cent on the same month last year, unchanged from March. In Timaru, the average sale price dropped to $237,898 from $245,233.

Real Estate Institute South Canterbury representative Warwick Jones was unable to be reached for comment.

Around New Zealand, values remain 3.9 per cent below the market peak of late 2007, but they increased steadily from May to November last year.

The national average sale price for the three months to April decreased further to $405,235, from $407,133 in March.

Glenda Whitehead of QV Valuations said the property market remained relatively subdued as both buyers and sellers carefully considered their positions.

"There is little urgency and many people are waiting to see the exact nature of the changes in the May Budget before deciding their next move."

She said sales activity in April was low, but that was not unexpected, with Easter and the school holidays consuming the greater part of it.

"We are also seeing fewer properties being put on the market, which is also a normal trend for this time of year.

"It remains a very mixed market. Houses in some areas and price bands are showing good demand and value growth, while other parts of the market remain subdued with falling values. This varies from place to place depending on local social and economic factors."

The QV figures showed values in Auckland were 9.5 per cent above last year, back slightly from the 9.9 per cent reported last month.

In Wellington, values were 7.1 per cent above last year, slightly up from the 6.6 per cent reported last month. Christchurch has remained stable at 6.9 per cent above last year, and Dunedin has increased slightly to 7.5 per cent.

There was more variability in provincial centres compared with last year. Napier (6.4 per cent), New Plymouth (7.2 per cent), Palmerston North (6.9 per cent) and Nelson (6.7 per cent) have grown the most in the past year, although most of the growth occurred in 2009.