In a statement released today, QV report that property values have continued to increase according to the QV residential property indices for September. Nationally, values are now only 1.1 percent below the same time last year, up further from the -2.8 percent reported last month.

Nationwide values are now 2.7 percent up from their low in April, but remain 7.1 percent below the market peak of late 2007.

A further market measure, distinct from the index, is the average sale price which across New Zealand also increased further to $387,567 in September from $385,426 in August.

The results of the latest quarterly qv.co.nz Housing Survey show that consumer confidence has improved, but a degree of uncertainty remains. The majority of respondents now expect prices to increase over the next year, a dramatic reversal of last quarter's survey results. Fewer respondents listed job security and financial pressures as factors influencing whether they would buy or sell. The survey also showed that while the same number of people are considering buying or selling within the next year, a greater proportion are now considering selling within the next six months. Despite these positive results, comments from respondents reflect mixed opinions about the prospect for the overall economy in the medium term.

Increasing values in recent months mean that most of the main centres now have values above the same time last year. In the Auckland Area values are now 0.6 percent above last year, the Wellington Area is 1.1 percent up, Christchurch 0.4 percent up, and Dunedin 2.2 percent up. Tauranga is still 1.8 percent below last year but has improved rapidly over recent months. Hamilton is the only main centre to drop back slightly and is now 0.9 percent below last year.

Values in most of the provincial centres have not risen as much in recent months as the main centres. As a result most are still showing values below the same time last year. Whangarei is -4.2 percent compared to last year, Wanganui -2.5 percent, Nelson -0.5 percent and Invercargill -2.0 percent. New Plymouth at 2.9 percent and Palmerston North at 1.1 percent are exceptions, with both having values above the same time last year. In contrast to most of the rest of the country, continuing value declines in recent months have led to Rotorua (-3.7 percent), Gisborne (-9.0 percent) and Queenstown Lakes (6.3 percent) all still being below last year.