New zealand house prices stable in july, says qv

Government owned property valuation service Quotable Value (QV) has reported house values were stable nationwide in July.

But QV said there were signs of strengthening values in central Auckland and Christchurch, while values were falling in Wellington and flat in Hamilton and Dunedin.

QV's figures are issued monthly and measure movements in values compared on a 'like-for-like' basis in the three months to July. They look at prices for certain properties in certain suburbs and compare them with similar sales a year earlier. The QV figures differ from the Real Estate Institute of New Zealand's (REINZ) figures in that QV's figures look at 'like for like' values rather than raw prices in any one month.

REINZ's figures are for median prices for sales in any one month and are therefore subject to being skewed by larger numbers of sales in any one price bracket, although REINZ does issue a stratified median figure that filters out the 'skew' effect. REINZ's figures are seen as more volatile, but up to date than QV's figures.

Source: NZHerald.co.nz