QV house values: Auckland, Christchurch down, Wellington up

House values dropped in parts of Auckland and Christchurch in the past three months, remained static nationally but rose in Wellington.

Data from Quotable Value out today showed Auckland values down -0.4 per cent in the past three months and -2.6 per cent in Christchurch's Banks Peninsula area.

Nationally, there was a 0.0 per cent change in house values, QV said.

North Shore coastal values fell -1.3 per cent, North Shore Onewa down -2.3 per cent and Manukau Central down -0.7 per cent.

But the average value across the Wellington region has now topped $600,000, data showed.

Andrea Rush, QV national spokeswoman, said of changes particularly in Auckland: "The market has stabilised and it's likely this could continue now until after the election as we will also see seasonal factors of the annual slowdown in activity and listings levels over the winter period from this point until after the election.

"Nationwide quarterly value growth has plateaued over the past three months as the housing market continues to be constrained by the latest round of LVR restrictions."

James Steele, QV Auckland homevalue manager, said: "Demand is still down as tougher lending restrictions continue to make it difficult for buyers requiring a mortgage to obtain finance for their purchases.

"However, cash buyers and those who are able to obtain funds, or are able to use equity built up over the past five years of substantial growth, are out hunting for good deals.

"Well-presented properties in decent locations are still selling well although it's taking a little longer than when the market was very hot and properties which are in poor condition or have issues are sitting around for a lot longer if vendors are unwilling to negotiate on price."

In Tauranga, the rate of value growth has been slowing and that continued in the past three months, with values up just 0.9 per cent. Values rose 17.5 per cent year on year and are now 40.9 per cent higher than the previous peak of 2007, QV said.

QV homevalue Christchurch registered valuer Daryl Taggart said: "While there is still plenty of building going on around Christchurch, the residential market does appear to be flat lining in terms of value growth.

"Currently there are not many drivers at play in the Christchurch housing market with less demand meaning that in general properties are taking longer to sell that in previous years."