QV's Residential Price Index for October shows property values in Tauranga are 0.5 per cent lower than they were at the same time last year.
The index shows values have been flat for most of the year, but there are signs of slight increases in recent months.
A graph detailing the decrease in property values.
The average sales price for Tauranga in October was $402,667.
QV Valuations spokesperson Shayne Donovan-Grammer says the traditional lift in activity during spring hasn't eventuated.
'Perhaps the world cup, shipping disasters and the school holidays have drawn some attention away from the property market.
'Low interest rates have given the market a much needed level of composure during what has been a prolonged stagnant period.”
He says with other household expenses rising, and discretionary income tightening, low interest rates have helped to contain what is often a household's biggest expense – the mortgage.
QV's Residential Price Index is calculated using sales data from the three months
5 comments
Tauranga is going down....
Posted on 10-11-2011 08:43 | By wreck1080
10% annual rate increases, PSA, Rena, Milk prices, no jobs. Can't see much to hold up prices here. Auckland far out performing us. Bad move coming here.
Re: Tauranga is going down?
Posted on 10-11-2011 10:36 | By bigted
Come on wreck1080, be fair to Tauranga - 1)Rate increases are happening elsewhere not just here. (2) Rena has a very short term consequence for the area. (3) High milk prices have nothing to do with the area. (4) No jobs? Again, a nationwide/worldwide problem. It helps to look at the bigger picture.
@bigted
Posted on 10-11-2011 11:18 | By wreck1080
I'm being more than fair. TCC are increasing rates faster than anywhere, at 10% per annum.Not to mention extortionate development levies. TCC has turned Tauranga into the slowest growing city from the fastest. Decreasing milk solid prices will affect the local farming economy. Tauranga has a low wage economy. Sure, there are a few successful businesses but Tauranga lags behind other areas in my experience.There does seem to be an anti-development attitude among locals. Rena is a temporary problem, but, still a problem nonetheless.
overpriced
Posted on 10-11-2011 19:09 | By Capt_Kaveman
housing here could drop another 20% for it to be real, since the bubble is inflated and is at bursting point expensive rent and all ya get is a shit house
@wreck1080
Posted on 11-11-2011 07:21 | By Mr bay
If its that bad here why don't you leave.....we don't need the negativity in Tauranga
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