House prices have steadied and are now just 0.4 per cent below levels a year ago, according to the Quotable Value’s residential property index for July.
However, nationally prices are still more than 5 per cent down on the market peak in 2007.
Prices have improved in some regions in the past three months, especially in Canterbury and Auckland, but are down in Wellington.
Wellington remains the only main centre where values kept falling in recent months, down 1.8 per cent since January. Prices are now 2.7 per cent lower than the same time last year.
Possible government sector restructuring remains a dampening factor in the property market according to QV.co.nz Research Director Jonno Ingerson.
In the wider Auckland area values have increased 2.4 per cent since January, and are now 1.9 per cent above last year. Prices are just 0.6 per cent below the previous market peak of late 2007.
Over the past three months values across Christchurch have grown 1.1 per cent, and are now 0.5 per cent above the same time last year.
While unrelated to the QV index, and a less reliable measure of value change, the average house sales price over the last three months was $414,261 up slightly from the $412,746 reported last month.