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NZ property market ‘struggling’?

New figures reveal the most expensive and least expensive places to invest in NZ…

According to the latest figures from Quotable Value, homeowners are still making a profit selling their homes, but that profit is shrinking, and the figures for the three months to March 31 add to the growing evidence that New Zealand's residential property market is struggling.

The 6.5 per cent growth in national property values over the past year is down on the 7.7 per cent growth reported in February. The average New Zealand sale price also decreased to $388,894 from $393,240 last month.

Blue Hancock, Quotable Value spokesman, said: “The market is continuing to soften, and the negative market sentiment will likely continue into the winter months. But while more listings and fewer buyers had led to reduced demand, and some properties or localities were selling below previous expectations, other areas were doing far better.

Five most expensive areas (figures provided by Quotable Value)

1 Auckland City east $756,445
2 North Shore coastal $698,888
3 North Harbour $628,732
4 Auckland islands $618,355
5 Wellington east suburbs $592,714

5 least expensive areas

1 Tararua $158,327
2 South Waikato $159,927
3 Gore $165,399
4 Kawerau $166,633
5 Waimate $167,569

Mr Hancock added: “The figures reflected more activity at the bottom end of the market and less at the top, rather than any large drop in value”.