House val­ues ris­ing at fastest rate since 2007

Manawatu Standard - Property Weekly - - Front Page -

House prices across the coun­try have in­creased at the fastest rate since 2007. The latest monthly QV house price in­dex showed residential prop­erty val­ues for July na­tion­wide in­creased 10.1 per cent over the past year. Na­tion­ally, the av­er­age value of houses was $527,760, 27.4 per cent above the pre­vi­ous mar­ket peak of late 2007. QV na­tional spokes­woman An­drea Rush said there was a def­i­nite ‘‘up­ward swing’’ in mar­ket ac­tiv­ity in the up­per North Is­land. There had also been in­creased in­ter­est from Auck­land in­vestors in Welling­ton and Dunedin. Sales vol­umes for parts of Welling­ton, Christchurch and Dunedin in­creased mod­er­ately while other ar­eas of those mar­kets had been flat or slightly down, which was part of the nor­mal sea­sonal down­turn and a re­sult of fewer homes be­ing listed for sale dur­ing win­ter, Rush said. Auck­land prices were on a sharp up­ward tra­jec­tory, in­creas­ing 56.6 per cent and tak­ing it to 33.7 per cent above the 2007 peak. The av­er­age value in Auck­land in July was $855,672. Home val­ues in the eastern sub­urbs of Welling­ton showed the big­gest value in­creases in the area, lift­ing 5.3 per cent since July last year. The av­er­age value of Welling­ton homes was $458,250. Home val­ues in Christchurch con­tin­ued to plateau, with a 0.5 per cent rise over the past three months, while val­ues in Dunedin rose 2.5 per cent over the past three months. Fair­fax NZ

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