Quotable Value says average housing value growth is slowing and is likely to slow further
The worm may have turned in the housing market, according to Quotable Value (QV).
"For the first time since July last year, the QV House Price Index (HPI) has shown a reduction in quarterly value growth from the previous month," QV said in its latest HPI report.
"The average value [of dwellings} increased 8.8% nationally over the past three month period to the end of May, down slightly from the 8.9% quarterly growth we saw in April, with the national average value now sitting at $931,928," the report said.
"This small reduction is particularly significant considering the QV HPI is a rolling average measure, which includes transactions from some of the most buoyant months earlier in the quarter," QV General manager David Nagel said.
"We can expect to see further reductions in the rate of growth as the impacts of the recent tax changes for investors and credit availability start to take effect."
Source: www.interest.co.nz
