Property Market Wednesday 11 November 2009
by Murray Pelham
The North Shore residential property market has seen a lift in prices achieved in the last 3 months after a period of declining house prices since 2008.This is on the back of low volumes of sales and reductions in values in the order of 15% since the peak in late 2007.The recent increases still have not reached these highs but have given more optimism to the market place and appears to have recovered in the order of 10%(please note this is an average only and different locations can change at different rates).However the fundamentals in place mean that a full recovery may not take place for a few years with possible rising interest rates next year predicted to dampen the market.This would be in line with previous cycles. We note the last cycle took 4-5 years before a full recovery(1997-2001).
Lack of homes pushes up Auckland prices Tuesday 10 November 2009
by NZ Herald
A shortage of homes for sale has pushed Auckland's residential property values higher than they were a year earlier, QV figures show.
Auckland values for October have climbed 2.5 per cent from the same time last year, while national values for October are 0.2 per cent above last year's, up from the -1.1 per cent recorded the previous month. more...