NEW Zealand residential property prices have risen 9.8% over the past year, according to Quotable Value NZ.
On a month by month comparison, the growth rate increased from 9.3% reported in February with the average price of NZ property selling for $363,188.
QV’s spokesperson Mark Dow said the residential market is again showing strong signs on the back of buoyant demand.
The highest rise was recorded in Invercargill where prices increased 24.4% to $176,546, followed by a rise of 13.5% to $414,229 in Wellington North and 13.1% rise to $278,776 in Palmerston North.
“General economic confidence is high and the employment picture is positive with low unemployment figures. Buyers appear to continue to show confidence in the market and are willing to pay higher prices,” Dow said.
The property values in the main urban centres continue to strengthen with
Of the provincial cities, increases in growth rates were recorded in Porirua 14.1%, Palmerston North 13.1%, Nelson 10.1% and New Plymouth 9.9%. Annual growth eased slightly in Wanganui 13.8%, Rotorua 11.8%, Queenstown 4.6%, and Hastings 3.9%.
Australian Property Journal
