Property values fairly flat – Quotable value figures released yesterday show overall values have flattened and in some cases declined - Wellington region values for the year to May are up 6%, down from 7.1% reported for the year to April*****. This reflects that the second half of 2009 was a strong growth period recovering from the market low of 2008. Fewer listings and pent up buyer demand pushed through into prices. The early part of this year saw a surge in property listings, uncertainty about tax changes and interest rates, and the market move from a sellers market to more of a buyers market generally, with prices flattening out at a well recovered level. The Wellington market remains healthy and fairly balanced compared with the national picture (22.9 weeks of property stock on the market compared to 46.9 weeks of stock nationally, new listings up 53% on last year compared with 17% nationally, and asking prices down only -0.2% from the prior 3 months compared with –2.0% nationally******). The market is expected to continue to be flat for the short term.  In this market, the value of your agent really comes into play (or not), and its critical to pick an agent who can add greater value and demonstrate top results (www.leoniesnook.com).

* Reserve Bank of New Zealand (rbnz.govt.nz)
** The Treasury, March quarters
*** National Bank Business Outlook Survey - May 2010
**** BNZ Weekly Overview
***** Quotable Value – 3 months ending May 2010, compared to same period last year
******REINZ NZ Property Report – 1 June 2010