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Slowing down in house prices |
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08 May 2006 - Timaru Herald
Growth in house prices in Timaru has slowed, mirroring the national situation.
April property statistics released by QV indicated that nationally, residential property values increased by 13.1 per cent over the past 12 months, down on the 14.8 per cent increase reported in March.
QV spokesperson Blue Hancock said the decrease in the growth rate of the residential price movement reflected a cooling off of the property market in many areas. QV expected to see the annual growth in values continue to flatten over the coming months.
Timaru property values increased by 17.3 per cent over the past 12 months, nearly 3 per cent lower than the March figure of 20.1 per cent. The average sale price was $200,040.
The Waimate district shows a similar decrease in annual growth, from 21.8 per cent to 19.9 per cent, and with an average sale price of $150,540, but the Mackenzie district bucks the trend with an increase in growth, from 27.3 to 30.9 per cent, and an average sale price of $210,000.
However, figures for those districts come with a warning that they may not be statistically accurate, as they're based on a low volume of sales.
In the bigger urban areas, Christchurch property values grew 13.8 per cent over the past 12 months, down on the 15.9 per cent reported in March. The average sale price in the city was $317,944.
Dunedin's residential property values grew by 10.4 per cent, no change to the previous figures. The average house price dropped slightly to $242,050.
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