PHOTO: STUFF – QV has released its latest House Price Index, which shows that nationwide residential property values fell 1.6 per cent over the three months to August.

Property prices are falling, and those who have to sell or have problem properties are feeling the pain.

QV has released its latest House Price Index, which shows that nationwide residential property values fell 1.6 per cent over the three months to August.

In Auckland, prices were down 0.4 per cent in the quarter, in New Plymouth down 0.3 per cent, in Christchurch down 0.2 per cent and in Queenstown, down 1 per cent.

On an annual basis, prices are up 4.8 per cent on the same time a year ago. That annual rate is slowing – at the same time two years ago, the annual rate of growth was 14.6 per cent. In July this year, the annual rate was running at 5.2 per cent.

READ MORE:
First-home buyers – and investors – look to Dunedin
Real estate’s next challenge: Sellers’ expectations
First-home buyers decide owning as affordable as renting: QV

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