RTTNews - New Zealand's residential property values declined at an even slower pace in July, the latest report from Quotable Value or QV said.

Property values dropped 5% year-on-year in July, slower than a 7.1% fall in June. The national average sales price increased further to NZ$382,758 from NZ$378,535 in June.

The volume of sales is above the historically low levels seen last winter, although they are still less than the long-term average, QV pointed out. The increase in the number of sales was mainly due to more investors and first home buyers entering the market.

QV Valuation Manager Glenda Whitehead said, sales activity remains at solid levels, particularly given the time of year. There are also signs that more vendors are putting their properties on the market. This is perhaps in response to reports of shortages of listings, signs that values have stopped declining, and increased buyer optimism and activity.

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