The latest Quotable Value figures show the Western Bay of Plenty property market is stable, but on the negative side of a year-on-year comparison.

Property values in March 2011 for the Western Bay are measured at a growth percentage of -2.6 when compared to the value in March 2010. This is improved from the February 2011 growth percentage of -5.8.

In Tauranga, specifically, the March 2011 growth percentage is -2.4 compared to the February 2011 growth percentage of -3.

The average sale price in the Western Bay of Plenty in March 2011 was $371,362 and in Tauranga for the same month was $403,744.

This slight improvement is reflected in the national statistics, which show relative market stability.

'Over the last 12 months nationwide values declined gradually through until December before becoming a little more variable in the months since,” says QV research director Jonno Ingerson.

'As a result, values are now 2.0 per cent lower than the same time last year, and 5.9 per cent below the market peak of late 2007.

'The levelling of national values in the last few months was largely driven by a slight recovery in values in Auckland and Wellington, offsetting the continued declines in provincial and rural areas.

'These first signs of a possible recovery in values were short lived as both Auckland and Wellington slid back again in March.

'With the uncertainty created by the Christchurch earthquake, and the low level of sales activity in previous months, it is reasonable to expect that there may be some volatility in the market for a few months.”