House prices creep up

South Waikato News - - PROPERTY -

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.

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