According to the latest QV Valuations report, residential property values in New Zealand fell -7.1% in June compared with -8.1% in May and -9.2% in April.

The national average house sale price has now increased to $378,535 in June from $371,555 in May. Sales volumes are now approaching more normal levels and an increase in the number of people intending to buy alongside a decrease in the number planning to sell could lead to a shortage of properties and more competition among buyers, according to the QV report.

In the Auckland region, the annual decline has improved to -5.9% in June from -7.6% in May. The average sale price has increased from $483,397 to $489,444. Elsewhere in the country Hamilton values improved to a -6.6% fall compared with -7.5% in May, Tauranga improved to -8% compared with -9.4% in May, Wellington improved to a -6.5% fall compared with -7.4%, Christchurch fell -7.3% from -8.1% and Dunedin was down -4.5% compared with May’s decline of -5.4%.