Prices rise, growth slows
Home prices have turned for the better, breaking the downward trend that was showing earlier this year.
May Quotable Value (QV) statistics indicate that for the past two months, average house prices have lifted nationally, with Auckland house prices jumping 13.1 per cent.
However, the rate at which prices are growing is slowing.
Growth peaked at 10 per cent last December but had fallen to 8.4 per cent by April. In May, this figure reduced again and now sits at 8.2 per cent – a respectable rate of growth nonetheless.
Nationally, after adjusting for inflation, home values are 12.1 per cent above the previous market peak in late 2007.
First National New Zealand Chairman, Bob Brereton indicates that while results have been mixed throughout New Zealand’s main centers, areas remain where prices are flat or falling.
‘First National is optimistic about property market conditions’ said Mr Brereton.
‘Levels of transactions as well as the length of time it takes to complete a sale show high levels of confidence amongst New Zealanders. However, price sensitivity remains the order of the day
Filed under: REAL ESTATE