Sharechat Logo

NZ house price growth slowed to 0.1% in June, QV says

Monday 14th July 2008

Text too small?
New Zealand house price growth almost stalled in June and may weaken further as consumers contend with high prices for food, fuel and loans, according to Quotable Value.

House prices rose just 0.1% in June from a year earlier, the weakest since the survey began in 2005, slowing from a 2.4% pace in May, according to the government valuation agency.

The figures follow a Real Estate Institute survey on Friday showing June home sales fell 1.5% from May and almost halved from the same month of 2007. A slump in the property market and dwindling consumer confidence has helped stoke expectations the central bank will cut interest rates, probably in September.

"With market activity slowing dramatically, consumer confidence knocked by increasing interest rates, fuel and food prices, we expect the trend of falling property values to continue," QV said.

House prices in Auckland dropped 2.4% from a year earlier.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

FreshLeaf: Cannabis on course to be 'medicine of the masses'
Arvida Group Limited (NZX: ARV) to Acquire Arena Living Retirement Living Portfolio
My Food Bag Group Limited (NZX: MFB) Market Update and HY Results Announcement Date
Harmoney Corp Limited (NZX: HMY) Delivers Record September Quarter
Vital Healthcare Property Trust (NZX: VHP) Announces Successful Completion of $115m Placement
14th October 2021 Morning Report
General Capital Limited (NZX: GEN) Completes Greenfern Listing
13th October 2021 Morning Report
Hotel Montreal: Patterson Family Buys Christchurch's Hotel Montreal