INDEPENDENT NEWS

Housing prices set for steady increases - QV

Published: Fri 9 Feb 2018 02:59 PM
The housing market has made a strong start to the year and is likely to gradually improve over the next 12 months, figures show.
Photo: Composite
The latest data from QV showed house price growth remained steady at 6.4 percent in the year ended January, with a national average price of $671,500.
A price recovery at the end of last year was sustained, and prices in Auckland grew at their strongest rate in more than a year.
Values rose nationally by 3.8 percent over November, December and January.
QV general manager David Nagel said the easing of bank lending rules, along with greater confidence about government policies, helped underpin sentiment.
Prices were still strong in Hawke's Bay, Wellington, and the top of the South Island, but slowed in Waikato and the Bay of Plenty.
Mr Nagel said a shortage of houses and strong demand continued to support the market.
"January has seen values continue to rise in many places around New Zealand but values have dropped in others and in general activity has been slower in many places over the holiday season.
"Values in Auckland are now rising ... the Wellington market continues to rise, however value growth has slowed in the Hutt Valley."
Christchurch's housing market remained flat, while Dunedin continued its steady value growth, a trend in the southern city during last year.
February and March were traditionally busier months for the housing market and moderate growth was expected this season, he said.
By the numbers:
•Auckland: Regional values up 0.7% in the year, 1.6% in the quarter, to an average of $1,054,974. Eastern suburbs rose 2.7% in the quarter to $1,576,640. Auckland city islands up 12.6% in the year. Papakura up 2.3% in the quarter.
•Hamilton: Rises slowed, rising 2.6% in the year, 0.3% in the quarter, to $544,935.
•Tauranga: Up 3.9% in the year to $698,875.
•Western Bay of Plenty: Down 1.7% in the quarter, but up 7.3% in the year to $617,120.
•Hastings: Values rose 15.7% in the year, 3.9% in the past three months, to an average of $453,616. Values are now 45.5% higher than in 2007.
•Napier: Up 15.4% in the year, 3.5% in the quarter, to $483,759.
•Wellington: Up 9% in the year, 4% in the quarter, to $634,811. Central and southern suburbs up 5.5% in three months. Porirua and the Kāpiti Coast up 13.4% and 12.9% in the year. Upper and Lower Hutt rises slowed from 8.5% and 8.4% in the year to 1.1% and 0.6%.
•Nelson: Up 9.9% in the year, 1.3% in the quarter to $558,587. Tasman District rose 12.6% in the year, 2.6% the quarter, to $560,907.
•Christchurch: Down 0.6% in the year, but up 0.8% in the quarter, to $494,459. Waimakariri rose 0.7% in the year while Selwyn fell 0.1%.
•Dunedin: Up 9.3% in the year, 2.6% in the quarter to $392,512
• North of Auckland: Whangarei up 10% in the year, Kaipara up 9.2%.
•Mackenzie up 27.1% in the year, 10.3% in the quarter.
•Queenstown: Lakes region rises slowed to 2.2% in the quarter.
RNZ
New Zealand's public broadcaster, providing comprehensive NZ news and current affairs, specialist audio features and documentaries.
Radio New Zealand is a Crown entity established under the Radio New Zealand Act 1995. Radio New Zealand News are vital elements in our programming, providing impartial news and information to New Zealanders every day. Radio New Zealand (RNZ) provides listeners with exciting and independent radio programmes in accordance with the Radio New Zealand Charter.

Next in Comment

Gordon Campbell on why we politely fake political obituaries
By: Gordon Campbell
NZ biodiversity losses match global crisis
By: Robert McLachlan and Steven Alexander Trewick
Your Organisation Can Now Sponsor a Section on Scoop.co.nz!
By: Scoop Publishing
Scoop's PledgeMe Campaign Finishes Today - With $1644 Needed
By: Alastair Thompson
Kelvin Davis to represent New Zealand at Bush Funeral
By: New Zealand Government
PM's condolences on the passing of George H.W. Bush
By: New Zealand Government
George H.W. Bush: Cold War Ends and New World Orders
By: Binoy Kampmark
United States War Crimes During the First Persian Gulf War
By: Prof. Francis A. Boyle
Scoop Section Sponsorships: An Opportunity to Collaborate
By: Joseph Cederwall
Open Letter Part 2: Who Are Scoop's Biggest Freeriders?
By: Alastair Thompson
Why We Care about Scoop, and Why We Think You Should
By: Joseph Cederwall
It's Crunch Time For Scoop.co.nz - An Open Letter To Readers
By: Alastair Thompson
Saving The News
By: Alastair Thompson
Building a Community Newsroom – the “Scoop 3.0” Transition
By: Joseph Cederwall
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media