Sharechat Logo

NZ property values extend gains in February, again led by Auckland, Canterbury

Friday 8th March 2013

Text too small?

New Zealand property values continued to rise in February, with most of the increase still coming from Auckland and Canterbury.

National property values rose 3.2 percent in the three months ended Feb. 28 to $428,692 and have gained 6.3 percent over the past year, according to state valuer Quotable Value.

Property values are now 3.2 percent above the last peak in late 2007.

In Auckland, values are up 10.4 percent over the past year while in Christchurch the gain was 7.5 percent. Among other centres, Hamilton is up 4.6 percent, Wellington up 1.7 percent and Dunedin up 3.7 percent.

"As has been the case for several months, there are a low number of properties for sale and low numbers of new listings coming to the market," QV research director Jonno Ingerson said in a statement. "This continues to constrain choice for buyers, many of who are keen to buy but cannot find a suitable property."

Heat in the housing market has been cited by Reserve Bank governor Graeme Wheeler as an area of concern and is partly why the central bank is considering the use of macro-prudential tools, such as limits on loan-to-value ratios, to more specifically target parts of the economy.

 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares mixed; Z drops on downgrade as Air NZ bounces back
NZ dollar benefits from US short-term government funding deal
Powerhouse purges Motim board, SolarBright founders quit
Investore earnings, dividends to get boost from Bunnings acquisition
Trans-Tasman Resources to go public in backdoor listing on ASX, via Manhattan Corp
Wgtn's Habitual Fix on Featherston liquidated for a second time
Former trustee pleads guilty to fraud
Juken NZ looks to halve Gisborne mill staff in bid to drive profitability
ATO chases HT&E for more than A$100M over licensing of former NZ mastheads
Auckland Council puts feelers out for construction syndicate capable of $300M+ waterfront build

IRG See IRG research reports