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.
No comments yet
MARKET CLOSE: NZ shares plunge after Brexit vote; Xero, A2, banks hit hard
NZ dollar, swaps tumble as Brexit confounds pollsters; central banks likely to act
Fronde chairman Jon Mayson ousted, two other directors also exit
NZ interest rates plunge as Brexit gets closer to reality
Smiths City annual profit drops 30%, sales rise as retailer ditches low-margin business
Cavalier raises 2016 earnings guidance on better performance from broadloom carpets
NZ stocks turn as UK referendum result keeps investors guessing
Update: APN and NZME pay $36.3 million to settle disputed tax avoidance and other cases
Ryman board seeks 9% pay rise to cope with bigger business
NZ dollar spikes then drops in illiquid market as UK results dribble in