The housing market is barely moving and is becoming a “buyers’ market”, with increasing mortgagee sales as higher interest rates start to bite.
Annual increases are slowing rapidly, and in many areas house prices are static, according to latest figures from Quotable Value.
The average national sale price in the three months to January was $390,636, up about 0.6 per cent from the average in the December quarter. For the year to January prices were still up almost 9 per cent, slightly less than in calendar 2007.
All the big cities recorded a slowdown in annual growth.
Wellington city posted the highest annual growth of 10.6 per cent, but that was down from 11.4 per cent in December. Auckland was down from 9.1 per cent to 7.9 per cent.
The three monthly average figures for January were down slightly for Auckland and Hamilton compared with the December quarter average.
For the Greater Wellington region, property values were up 11 per cent for the year, but the growth is slower than in the past and trending down.