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QV's April statistics report growth in national property values at 10.6% over the past year (calculated over the three months ending April 2007 in comparison to the same period last year). The growth rate increased from 9.8% reported in March. Over this period, the average sale price for New Zealand properties was $366,032.
"The growth in national property values has returned to levels above 10%. The last time QV reported this high level was in September 2006 when property values increased by 10.4% annually" said QV spokesperson Blue Hancock. "The market has continued unabated over the last month on the back of stronger than anticipated migration and high levels of employment creating steady demand, especially in the lower end of the market."
"With the higher interest rates and the onset of the winter season, we can expect the market to slow over the coming weeks" said Mr Hancock.
The robust property market has seen property values continue to strengthen in the main urban centres. The most noticeable increases in property values were reported in Hamilton 11.4%, Wellington City 13.4% and Christchurch 11.8% where growth was recorded at double-digit levels. Auckland City 6.6% and Dunedin 7.6% experienced increases in annual growth compared to last month.
In many provincial cities, growth in property values continued to increase above 10%. Strong performers included Hutt City 17.7%, Gisborne 16.9%, Upper Hutt 15.4% and Porirua 14.9%. Palmerston North, Wanganui and New Plymouth also grew at very healthy rates of 14.5%, 13.9% and 10.8% respectively.
"The growth in national property values has returned to levels above 10%. The last time QV reported this high level was in September 2006 when property values increased by 10.4% annually" said QV spokesperson Blue Hancock. "The market has continued unabated over the last month on the back of stronger than anticipated migration and high levels of employment creating steady demand, especially in the lower end of the market."
"With the higher interest rates and the onset of the winter season, we can expect the market to slow over the coming weeks" said Mr Hancock.
The robust property market has seen property values continue to strengthen in the main urban centres. The most noticeable increases in property values were reported in Hamilton 11.4%, Wellington City 13.4% and Christchurch 11.8% where growth was recorded at double-digit levels. Auckland City 6.6% and Dunedin 7.6% experienced increases in annual growth compared to last month.
In many provincial cities, growth in property values continued to increase above 10%. Strong performers included Hutt City 17.7%, Gisborne 16.9%, Upper Hutt 15.4% and Porirua 14.9%. Palmerston North, Wanganui and New Plymouth also grew at very healthy rates of 14.5%, 13.9% and 10.8% respectively.