House prices in New Zealand grew sharply in October at the fastest rate since March 2006, figures from Quotable Value, QV, showed Tuesday.
The QV Residential Price Movement Index surged 14.0 percent year-over-year in October, with the average house prices now over $550,000.
After adjusting for inflation, nationwide annual increase eased slightly to 13.6 percent and values were 13.3 percent above the 2007 peak, the agency said.
In Auckland, property values climbed 24.4 percent annually in October. When adjusted for inflation, values were 23.9 percent over the past year and were 42.8 percent above the 2007 peak.
“There continues to be a shortage of listings in some areas while sales activity and demand has picked up in many parts of the country which is usual for the spring season,” QV National Spokesperson Andrea Rush, said.
“While anecdotal evidence suggests that the market may have cooled somewhat in anticipation of regulatory measures being introduced by the Government and the Reserve Bank, there is still no sign that this is having any impact on rising values in the super city region.”
The material has been provided by InstaForex Company – www.instaforex.com