QV's data showed Auckland's value slump was widespread.
"Values have dropped in most parts of Auckland over the past three months: Rodney values declined -1.7 per cent, Franklin -0.6 per cent, Waitakere City -0.9 per cent, North Shore 0.7 per cent, Auckland City -0.1 per cent and Manukau -0.3 per cent. Papakura is the only Super City district where values increased over the past three months up 0.3 per cent," QV said.
James Steele, QV Auckland senior consultant, said sales volumes were down to very low levels because demand was halted "by the ability for purchasers to finance property deals. The number of listings has also eased as there is little pressure at the moment for home owners to sell, as rents remain high and interest rates low, and a number of vendors and purchasers are taking a 'wait and see' approach until after a new government is formed."
Reserve Bank lending data showed banks loaned $6.1b in August to property buyers throughout New Zealand. That had fallen to $5.1b by last month and was $4.8b in July. January was quietest with $3.5b of property lending.
Steele said Auckland had continued to flatten to reach what Steele called a stalemate situation. A change would only occur if a significant economic shock destabilised prices by further reducing demand or there was an easing of lending restrictions, he said.
"Across the region we are still seeing strong demand from first-home buyers for entry level homes, with investors largely removed from these markets. First-home buyers seem better positioned to secure a home with less competition from investors and also now fewer properties are going to auction and more properties are being listed with an asking price as this allows more time for buyers to complete due diligence and make conditional offers," Steele said.
Last month, QV blamed winter, bank lending limits, the election and China's crackdown on capital flows for national house value growth being the slowest in five years and Auckland values hitting their most glacial pace since 2011.
Hamilton values rose 1.3 per cent in the last quarter and 3.2 per cent in the last year. Tauranga values fell 0.1 per cent in the last quarter but rose 6.6 per cent annually, QV said today.
Wellington values rose 0.8 per cent quarterly and 10.7 per cent annually. Rotorua values were up 4.5 per cent quarterly and 16.2 per cent annually. Christchurch values fell 1 per cent quarterly and 0.8 per cent annually. Queenstown Lakes values rose 0.7 per cent quarterly and by 12.6 per cent annually.
The QV index is based on sales made in the previous three month periods. For example, information for the quarter to June is calculated based on sales from April 1 to June 30.
