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House Prices Up 22 Percent In 2003
27/02/2004 10:09 AM - Reuters
New Zealand house prices increased 4.9 percent in the fourth quarter, with the annual growth rate the highest in 13 years, according to provisional data from the Quotable Value (QVNZ) issued on Friday.
The increase, representing the tenth consecutive quarter of rising prices, compared with a revised 7.3 percent rise in the third quarter from a provisional 4.6 percent, the government agency said.
House prices grew 21.9 percent in the year to December but continued house price growth at current levels was unlikely to be sustainable in the medium-term, said Blue Hancock from QVNZ.
"Reduced net migration, house prices outstripping income growth, interest rate increases and increasing construction costs are all likely to impact on house sales in the coming year," he said.
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The next quarter should see a levelling of the upward trend in prices as demand reduced, he said.
New Zealand's housing market began accelerating in late 2001 driven by high numbers of immigrants, a buoyant economy, low interest rates, and a growing preference for buying houses for investment.
QVNZ said the growth in prices over the year was most pronounced in the South Island cities of Nelson, up 41 percent, Dunedin, up 34 percent, and Invercargill, up 33 percent.
There were annual rises of more than 20 percent in Auckland, Christchurch, Tauranga and the Auckland cities of Waitakere City and North Shore.
27/02/2004 10:09 AM - Reuters
New Zealand house prices increased 4.9 percent in the fourth quarter, with the annual growth rate the highest in 13 years, according to provisional data from the Quotable Value (QVNZ) issued on Friday.
The increase, representing the tenth consecutive quarter of rising prices, compared with a revised 7.3 percent rise in the third quarter from a provisional 4.6 percent, the government agency said.
House prices grew 21.9 percent in the year to December but continued house price growth at current levels was unlikely to be sustainable in the medium-term, said Blue Hancock from QVNZ.
"Reduced net migration, house prices outstripping income growth, interest rate increases and increasing construction costs are all likely to impact on house sales in the coming year," he said.
Hi Guys
The next quarter should see a levelling of the upward trend in prices as demand reduced, he said.
New Zealand's housing market began accelerating in late 2001 driven by high numbers of immigrants, a buoyant economy, low interest rates, and a growing preference for buying houses for investment.
QVNZ said the growth in prices over the year was most pronounced in the South Island cities of Nelson, up 41 percent, Dunedin, up 34 percent, and Invercargill, up 33 percent.
There were annual rises of more than 20 percent in Auckland, Christchurch, Tauranga and the Auckland cities of Waitakere City and North Shore.