Home.co.uk
Home.co.uk

News: Steady growth in New Zealand residential property prices

QV’s December statistics for the residential property market show a 9.2% growth in national property values over the past year... 

Property information company QV this month released their figures for the New Zealand residential property market.  QV’s December statistics show a 9.2% growth in national property values over the past year (calculated over the three months ending December 2006 in comparison to the same period last year).  This year-on-year increase remains consistent with corresponding figures for November (9.4%) and October (9.6%).

The average sale price for New Zealand moved up marginally to $348,886. 

QV spokesperson Glenda Whitehead said, “The trend across the country continues to show steady growth in property values.  Although the level of increase has been easing, a number of areas have seen a slight increase this month, typical of the real estate market through spring and early summer months.  Supply and demand in most areas appears to be relatively evenly weighted."

Regional variations

Most of the main urban areas reported figures consistent with last month. Auckland City eased slightly to 6.7% (from 7.2% in November) and Wellington eased to 9.3% (from 9.8% in November). Hamilton sprung back up to 9.7% (up from the 8.7% reported in November), and Dunedin also rose from 4.6% in November to 6% in December. Tauranga and Christchurch remained stable at 3.4% and 9% respectively.

“Of the regional areas, the strong performers include Gisborne with 27.1% annual growth, South Waikato 21.7%, and South Taranaki 23.6%. Property value growth continued to ease in many provincial cities but still at very healthy rates with Invercargill 14.7%, Rotorua 14.5% and Palmerston North 13.5%” Whitehead said.

Back to: News Index