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Financial News: New Zealand House Prices Increase In March: QV

New Zealand House Prices Increase In March: QV

04/05/2017 - 01:38:00 (RTTNews)

(RTTNews) - New Zealand residential property prices logged a double-digit growth in March, data published by the Quotable Value showed Wednesday.

Property prices increased 12.9 percent in March from the prior year. Values climbed 0.6 percent in three months to March and the property value averaged NZ$631,432.

The nationwide average value was 52.4 percent above the previous market peak of late 2007. When adjusted for inflation, the nationwide annual increase dropped slightly to 11.4 percent and values were 28.5 percent above the 2007 peak.

In the Auckland region, residential property values increased 12.3 percent year-on-year. House prices surged 21.2 percent in the wider Wellington region.

QV National Spokesperson Andrea Rush said, "The Wellington region continues to see some of the strongest value growth of any area in New Zealand, particularly in more affordable areas outside the central city such as Porirua and the Hutt Valley."

"First home buyers remain active in the market at record high levels. Investors are also active however some are struggling to secure finance since the introduction of LVR restrictions last year," QV homevalue Registered Valuer, David Cornford said.

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