PHOTO: KIRK HARGREAVES/STUFF Agents were having to manage expectations, QV said.
New Zealand’s house price growth is now a third of what it was a year ago.
QV has released its latest data, which shows residential property values increasing 2.3 per cent nationwide in the year to May.
The same time last year, annual price growth was 6.9 per cent.
Across Auckland, values dropped 2.1 per cent year-on-year. North Shore had the steepest decline in the city – there, values dropped 3.9 per cent in the year to May.
Senior consultant Paul McCorry said the lull was to be expected in the winter months.
He said more affordable places such as Wanganui and Manawatu, and “lifestyle” regions such as Bay of Plenty and Hawke’s Bay, were still seeing strong price growth. But prices were flat in the major centres. Hamilton, Christchurch and Wellington had prices increase by less than 1 per cent over the quarter.
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