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Further cuts to the Reserve Bank's official cash rate are not expected be enough to drive housing market prices up in the short-term.

QV's September data indicates average national values had a month-on-month drop of 0.4 percent in September, and were down 1.6 percent in the September quarter compared with a 2 percent quarterly decline in QV's August index.

+ z8 b+ w1 T* D6 c9 N! x2 D, m2 L* YThe national average value rose just 0.3 percent to $901,920 on the same time last year.

The rate of decline was seen in most of the major centres, with an average three-month rolling rate of reduction in Auckland (-1.7 percent), Christchurch (-0.8 percent), Hamilton (-1.2 percent), Dunedin (-0.8 percent), with a notable exception in Wellington, where home values dropped at twice the national average rate.
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6 k& v3 _0 g7 V% VThe Wellington region's average home value fell an average of 3.2 percent in the September quarter, which was slightly more than the 3 percent drop in the August quarter.
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8 t8 N2 [5 ]7 o0 cQV operations manager James Wilson said there were some positive signs with an expectation of further drops in interest rates, as the Reserve Bank updates its decision on the official cash rate on Wednesday.

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