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Timaru housing market stabilises |
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10 Aug
From The Timaru Herald
Timaru's house prices appear to be more stable after a steady decline in recent months.
Residential property values released by QV Valuations show Timaru house prices fell 1.4 per cent in the 12 months to the end of July against a 4.4 per cent drop recorded for the 12 months to the end of June.
QV Valuations' figures are based on sales data entered into QV's system in the previous three months compared with the same three-month period 12 months earlier.
The average price of a Timaru home is now $228,202,compared to $223,747 at the end of June.
The figures for both Waimate and Mackenzie were not considered accurate because of the small number of sales in each area.
Timaru's real estate market appears reasonably stable in comparison with the national average property value decline of 5 per cent, an improvement on the 7 per cent drop in value a month earlier.
It is the fourth consecutive month that Timaru house prices have crept up.
House prices were down an average 5.4 per cent in February on 12 months earlier, 5.2 per cent in March and 4.8 per cent in May.
The drop in values is less than half of those reported nationwide with some areas experiencing up to a 16 per cent drop in house prices.
Based on the QV index, nationwide values have increased 0.7 per cent in the past month, and are up 1.3 per cent from their low in April.
The national average sale price increased to $382,758 in July from $378,535 in June.
QV Valuations spokeswoman Glenda Whitehead said sales activities remained at solid levels.
"There are signs more vendors are putting properties on the market. This is perhaps in response to reports of shortages of listings, signs that values have stopped declining, and increased buyer optimism and activity."
Mrs Whitehead pointed towards increased activity at the lower end of the market with increased values in the middle value range.
"In some areas there is a shortage of quality properties for sale, resulting in increased competition amongst motivated buyers.
"This may be driving a short term increase in sales prices."
All the main centres are now showing property value growth over the last quarter which has led to further improvement in the annual change in all areas.
Across the Auckland area values are now down 3.5 per cent on the same period last year, up from the 5.9 per cent drop last month. Wellington is now at -4.0 per cent, Christchurch at -5.5 per cent and Dunedin -1.4 per cent.
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