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NZ property values continue slow climb in October

Wednesday 9th November 2011

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New Zealand property values have continued their slow grind upwards, underpinned by gains in Auckland and in post-earthquake Christchurch.

Property values were 1.2 percent higher in October than a year earlier and are 4.4 percent off the peak in late 2007, according to government agency Quotable Value. Auckland region’s values are just 0.1 percent from the previous market peak, and have driven national gains in an unequal manner.

“While initially the upward movement in values was being driven by Auckland and post-quake Christchurch, many other areas of the country are now increasing,” said research director Jonno Ingerson. “While there has been a slight increase in new listings in many areas, this has yet to translate into an increase in the number of sales.”

New Zealand’s property sector has been struggling to come out of the doldrums this year amid a lack of demand for new housing as people used record-low interest rates to repay debt rather than adding new borrowing.

Auckland property values were 2.7 percent higher than the same period last year with an average sale price of $526,861 over a rolling three month period, down from $529,028 in September.

Wellington area property values were 0.9 percent lower than in October 2010, with the average three-month sale price at $432,894, down from $433,714 a month ago.

Christchurch property values were 3.4 percent above the same month a year ago, with the average sale price at $379,462, down from $380,374, and Dunedin property values were 2.4 percent lower than in 2010, with the average sale price at $262,472 in October, down from $266,073.

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