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Property values in Tauranga declined by 7.9% over the past year (calculated over the three months ending October 2008 in comparison to the same period last year), down from the 7.6% decline reported last month. The average sale price decreased to $436,765.
“There are no signs of a Spring improvement in the Tauranga property market. Sales volumes remain low as many buyers believe prices are going to drop further in the coming months. The properties that are selling present characteristics to the buyer which are exactly what they are looking for, as long as the property is marketed at a realistic asking price” said Shayne Donovan-Grammer of QV Valuations.
“The drop in interest rates is certainly welcomed, but needs to drop further to stimulate the property market. Recent interest rate drops have buffered the increased cost of living but aren’t substantial enough to reignite activity. In order to kick start the property market, several ingredients are required. These include; a belief that the credit crisis is over; a higher degree of perceived job security; and lower interest rates. When that will occur, is the big question” said Mr Donovan-Grammer.
