Originally Posted by
Arbitrage
QV's latest:
"Auckland Property Trends
Property values in the Auckland region declined by 9.0% over the past year (calculated over the three months ending January 2009 in comparison to the same period last year), deteriorating further from the 8.0% decline reported in December 2008. The average sale price for the region increased slightly from $489,737 to $496,618.
Glenda Whitehead of QV Valuations said; "Property values continue to ease in stark comparison to levels this time last year. Some are feeling that values are now stabilising, but each area and type of property is affected differently. Generally speaking, values are definitely well down, presenting good buying opportunities. However, our current property valuation work indicates more people are re-financing their present positions, rather than moving property".
"In the typical investor suburbs such as Otara, Manurewa, Papatoetoe and Mangere, property values have declined to levels where $220,000 will buy a well presented three bedroom home with garaging. Mortgagee sales have driven the low values in these areas. Buyers are bargain-hunting and unwilling to pay full price in these areas, as many believe there is no need to" Glenda said.