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Financial News: New Zealand House Price Growth Weakest Since Early

New Zealand House Price Growth Weakest Since Early 2015: QV

08/02/2017 - 01:07:00 (RTTNews)

(RTTNews) - House prices in New Zealand increased at the slowest pace in almost two-and-a-half years in July, data published by the Quotable Value showed Wednesday.

Residential property prices climbed 6.4 percent year-over-year in July, slower than the 8.1 percent spike in June.

Moreover, the latest rate of growth was the weakest since February 2015, when prices had risen the same 6.4 percent.

When adjusted for inflation, nationwide annual house prices rose 4.9 percent in July and values remained 29.2 percent above 2007 peak.

In the Auckland region, residential property prices grew 5.3 percent yearly in July, which was the slowest rate of growth since May 2012.

"The latest QV House Price Index figures show nationwide values are still rising, but this growth is now being driven by regional and provincial centres rather than the largest cities," QV National Spokesperson Andrea Rush said.

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