New Zealand House Prices Rise 4.8% In August: QV - Residential property prices in New Zealand increased from last year in August, data released by government valuer Quotable Value (QV) showed Tuesday.
House prices increased 4.8 percent annually in August. The average sales price of a residential property in New Zealand was NZ$423,569 over the past three months.
In the past three months, values have risen 1.6 percent, and are currently only 0.4 percent below the market peak of 2007, data showed.
Values have increased the most in old Auckland City over the past year, where they are up by 7.7 percent, followed by Manukau, Waitakere and North Shore.
"Across most of the country there are a few common trends; a shortage of listings leading to a lack of choice for buyers, first home buyers are active due to low interest rates, investors are back in the market for properties that can return a good yield, and it appears that there are about to be more properties coming onto the market as we head into spring", QV Research Director Jonno Ingerson said.
Source: InstaForex
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