The QV national residential property indices for April released today showed a 9.2 per cent decline in property values over the last year, a slight improvement on the 9.3 per cent decline reported last month. This is the first time the trend in property values has improved since September 2007.

According to QV Valuations spokesperson Blue Hancock this marginal improvement reflects a stabilisation of prices being paid over recent months. The QV statistics show that national property values peaked in January 2008, with current values now 9.6 per cent below that peak.

The average sale price declined from $378,399 in March to $372,981 in April, reflecting more sales at the lower end of the market.

"The increased market activity seen in February and March has flowed through into April, which has led to more sales than we would normally expect at this time of the year.” Mr Hancock said.

Source:  QV.  For the remainder of this article click here.