The fall in residential property values in Dunedin is slowing, but QV valuers are warning it is too early to celebrate an improvement in the market.
Dunedin followed the national trend with residential property values decreasing by 7.6% over the past year, a slight improvement on the 8.2% decline reported in October.
National property values declined by 6.8%. It was the first time since August 2007 that the annual change in property values had not dropped further than reported the previous month.
In Dunedin, the southern city area continued to drop, showing the greatest level of decline (12.5%), which was in contrast to the Peninsula's decline of 1.9%. The Taieri and central/northern city decreased by 6.1% and 5% respectively.
QV Valuations Dunedin manager David Paterson said it was encouraging but too early to celebrate an improvement in the market.
On average, properties were selling at about 9% below the rating values, he said.
