City house prices lagging behind

Last updated 07:09 09/11/2012

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While residential property values nationwide have punched through the previous peak, Palmerston North still has a way to go, the latest Quotable Value figures have revealed.

QV figures released yesterday show the value of properties nationwide has crept up 5.7 per cent in the past year.

The average value at the end of last month was $420,048, just above the previous national peak from late 2007.

While the value of properties in Palmerston North grew 2.6 per cent during  the past year, the average value was $280,965 last month, still 6.5 per cent down on 2007 prices.

QV research director Jonno Ingerson said nationwide growth was being driven by Auckland and Canterbury.

''There are some signs that other main centres and provincial cities are increasing in value also,'' he said.

The market was being pushed along by property investors and also by first-home buyers, largely because of interest rates, Mr Ingerson said.

Palmerston North homeowners will soon find out the exact estimated value of their properties, with the city's new property values, replacing 2009 valuations, being sent out in the coming weeks.

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- © Fairfax NZ News

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