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



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.
Bookmark and Share   Printable version
Related News

MARKET CLOSE: NZ shares rise, Stride, Warehouse Group gain; Fletcher, ANZ, Westpac drop
Caniwi commits another $26m to property portfolio
NZ dollar falls from 10-month high in New York as Aussie data awaited
Deluge misses southern hydro lakes
Warehouse agrees to sell financial services unit to SBS for $18M
Business lobby supports govt backdown on immigration
NZ Super Fund retains A+ for responsible investment from UNPRI
NZ export log prices weaken as higher kiwi dollar bites
Hart retains top spot in NBR Rich List, followed by newcomer Thiel
Future Mobility Solutions plans $1.5 mln acquisition of Lancer Industries

IRG See IRG research reports