Latest data from valuation agency QV shows a “do-nothing” sentiment is gripping the property market and the number of house sales is down a third from a year ago.

It says house values are 4.1% above the same time last year, but values in main centres have been falling since March, and are 4.7% below the market peak of late 2007. QV figures show the national average house sale price rose to $407,191 last month – from $404,715 in June – because fewer lower-value properties were sold. The valuation agency warns lack of demand and an increasing number of unsold houses are pushing values gradually down. But on the positive side there is no rout in the offing like in 2008.

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The number of house sales is down about a third from the same time last year and is a third below the long-term average. QV says “it’s not that people are negative about investing in property. It’s more a case of do nothing.” Many people seem to have decided against being active in the property market, and are focusing instead on repaying debt, while those in the market are finding it harder to get finance. QV is warning sellers not to expect a spring bounce to the market this year.

Auckland region values are 6.9% above last year. A month ago they were up 7.9% on last year. Recent declines in values in Wellington City mean values are now only 1.8% above last year’s. Values have been flat in Christchurch and are now 4.6% above 2009′s. Dunedin values are 3.7% above last year’s, down from 5.8% last month. But values in Hamilton and Tauranga have been stable for the past year. Hamilton’s are 0.3% above last year’s, and Tauranga’s 0.5%. Values in most provincial centres remain above those for the same time last year, although the gap is closing.

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