House prices continue upward march

Last updated 15:45 11/12/2012

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New Zealand house values remain high but growth is patchy and prices in some parts of the country are in retreat, Quotable Value figures show.

 

National values rose 1.9 per cent over the past three months, by 5.7 per cent up over the past year, and were now 1.5 per cent above the previous market peak of late 2007.

 

QV research director Jonno Ingerson said nationwide values were driven primarily by Auckland and Canterbury, where demand outstripped supply.

"Across the rest of the country values have been steady or increasing very slightly over the past six months. However in the last month or two many of these areas have begun to falter," Ingerson said.

"Outside Auckland and Canterbury the property market remains subdued as buyers are generally cautious, and there are few quality properties on the market for them to choose from."

Earlier Real Estate Institute figures also showed a rise in house prices.

The property market was headed for a traditionally quiet time of year and house buying and selling activity would generally not pick up until February, he said.

"Given that we have seen signs of a slight slowdown in values over the past month or two in many areas, even in parts of Auckland, it will be interesting to see what early 2013 brings."

Auckland values increased 3.2 per cent in the three-month period and 9.3 per cent over the past year, to be 10 per cent over the 2007 peak.

Christchurch values rose 2.2 per cent in the three months and 6.3 per cent in the past year. They were now 4.5 per cent above the 2007 peak. 

In the capital, house values rose 0.6 per cent in the three months, lagging the national trend, to be up 1.7 per cent over the year. Wellington prices remained below the 2007 peak.

"November was a quiet month in Wellington with the market generally flat," QV valuer Pieter Geill said.

"Demand continues for well presented properties and we have alsoseen an improvement in the rural and lifestyle property markets recently."

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