House prices creep up
Property prices are gradually rising and are now 1.2 per cent above the same time last year, according to latest Quotable Value figures.
However, nationally prices still remain 4.4 per cent below the market peak in 2007.
The slight improvement in prices nationally was first driven by Auckland and post-quake Christchurch prices rising but now other regions are also starting to lift, QV research director Jonno Ingerson said.
After falling in the first half of the year, property values in the Wellington area have started to rise again and are only 0.9 per cent below last year and 7.3 per cent below the market peak.
Auckland region values have increased 2.7 per cent over the past year and are now only 0.1 per cent below the previous market peak.
National property values have continued to rise gradually since the start of the year and are now 1.2 per cent above the same time last year and 4.4 per cent below the market peak of 2007.
‘‘ While initially the upward movement in values was being driven by Auckland and post- quake Christchurch, many other areas of the country are now increasing also.’’
QV’S Residential Price Index is calculated using sales data from the three months leading up to the month being reported. It is not the same as the average sales price which fluctuates according to the mix of properties selling.
PROPERTY NUMBERS: Property prices are rising slowly.