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Property Values in New Zealand Hold Steady in April, Says QV

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Home property values in New Zealand held steady in April, showing no sense of urgency in the market, albeit with buyers having become increasingly cautious amid rising economic and political uncertainty, QV said Tuesday.

According to the latest QV House Price Index, the average national property value grew by 0.2% to NZ$912,406 over the quarter, up 0.3% since the beginning of the year but down about 0.2% year-on-year.

Regionally, average home values slipped 0.3% in Auckland and 0.1% in Wellington, in contrast to a 0.9% uptick in Christchurch.

QV spokesperson Simon Petersen said it is highly likely that most buyers will take their "sweet time" to shop and wait for the right opportunity given continued paucity of listings available.

"We're heading into late autumn now, when activity does typically start to slow down a bit, and that's likely to keep levels of home value growth relatively subdued at best," Petersen added.

The firm expects the stable and balanced market conditions seen so far in the year to continue in the short term.

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