House prices remain steady
The biggest shake-up the Palmerston North housing market had last month was the August 16 earthquake.
House prices in the region continued a pattern of stability rather than fluctuation over the past month, QV figures released today show.
The average house in Palmerston North is now worth $286,021 up 2.8 per cent on this time last year and 0.4 per cent on July.
Nationwide, values have increased 8.5 per cent over the past year, with an increase of 2.9 per cent over the past three months.
QV research director Jonno Ingerson said Auckland and Canterbury were still driving the national increase in values, with the other main cities seeing limited growth.
"The provincial centres have tended to be more variable, although for much of the year many have been slowly increasing.
"In the last couple of months however values have flattened or even declined in many provincial areas."
Manawatu house prices have now grown 2.8 per cent in the past year after a 2.4 per cent rise in August. They now sit at $240,383.
Tararua house prices have risen 5.3 per cent in the past year are now worth on average $155,561.
Horowhenua house prices have risen 1.9 per cent in the past year, and Rangitikei's have decreased 2.3 per cent.
It was not yet clear if the flat values were likely to continue or if it was just a temporary slowdown, Mr Ingerson said.
Loan-to-value ratio speed limits imposed by the Reserve Bank might have some dampening effect on values, but nationwide values were still expected to increase for some time yet, Mr Ingerson said.
- © Fairfax NZ News
Do you agree with increased oil exploration?