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Financial News: New Zealand House Prices Rise In April: QV

New Zealand House Prices Rise In April: QV

05/03/2017 - 01:04:00 (RTTNews)

(RTTNews) - House prices in New Zealand increased notably in April, though the rate of growth was the weakest since July 2015, data published by the Quotable Value showed Wednesday.

Residential property prices grew 11.1 percent year-over-year in April, slower than the 12.9 percent spike in March.

When adjusted for inflation, the nationwide annual increase eased slightly to 8.7 percent and values are now 27.2 percent above the 2007 peak.

During the first quarter, house prices showed no variations over the previous three months, as the housing market continues to be constrained by the latest round of LVR restrictions.

In the Auckland region, residential property values climbed 10.7 percent over the year, which was the slowest annual rate of growth since December 2014.

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