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NZ property values continue to decline
NZ property values continue to decline
June 18, 2010In May, average cost of local residential property climbed down by 0.5%, compared to the preceding month.
In comparison to May 2009, the figure has become 5.6% higher. The sharpest annual price growth was observed in New Zealand first-tier city of Auckland – 8.8%. In Wellington, the capital, housing prices have increased by 6%, compared to May 2009, according to data provided by Quotable Value consulting and assessment company. At the same time, the level of annual growth is gradually slowing down.
Experts report of a surge in buying activity, observed in second half of 2009, which has replaced recession and led to price growth. However, in recent months, demand has started to decline, and prices began to adjust downward.
Note that April dynamics of New Zealand housing prices is comparable to May: a slight decrease in monthly terms and growth in annual terms.
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