Residential Property Market Growing at 10.5%
Monday, 11 September 2006, 9:50 am
Press Release: Quotable Value New Zealand
Media release
8 September 2006
Embargoed to 11.59pm Sunday, 10 September 2006
Residential Property Market Growing at 10.5%
QV’s residential property statistics released today show a 10.5% growth in national property values in the past year (calculated over the three months ending August 2006 in comparison to the same period last year). The growth rate dropped from 11.1% reported in July. Over this period, the New Zealand average sale price was $340,473.
There were differing trends across the main urban areas, with the Auckland City growth rate stable at 7.6% (7.5% in July), and Dunedin growing at 6.2% (up from the 5.8% reported in July). However, the other main centres all saw growth rates slow with Hamilton at 16.2% (down from 17.5%), Wellington City 9.5% (down from 9.9%), and Christchurch growing 9.4% (down from 10.4%).
“Across the country, there is a gradual easing in the property market. Prices and hence property values are still higher year on year, with no signs of any dramatic falls, but conversely the demand that was pushing values up faster and faster over the past 3 years has definitely eased back”, said QV spokesperson Glenda Whitehead.
Signs of slowing rates of property growth were also reported in provincial cities: Gisborne 18.2%, Palmerston North 15.8%, Invercargill 11.2%, Napier 6.2%, and Nelson 2.4%.
“With 24.9% annual growth, Rotorua is the only provincial centre to still be growing at in excess of 20%. It was a late starter in this cycle and still in catch-up mode. Several other smaller centres are also growing at rates over 20%. These all tend to be in lower value localities” said Glenda Whitehead.
Monday, 11 September 2006, 9:50 am
Press Release: Quotable Value New Zealand
Media release
8 September 2006
Embargoed to 11.59pm Sunday, 10 September 2006
Residential Property Market Growing at 10.5%
QV’s residential property statistics released today show a 10.5% growth in national property values in the past year (calculated over the three months ending August 2006 in comparison to the same period last year). The growth rate dropped from 11.1% reported in July. Over this period, the New Zealand average sale price was $340,473.
There were differing trends across the main urban areas, with the Auckland City growth rate stable at 7.6% (7.5% in July), and Dunedin growing at 6.2% (up from the 5.8% reported in July). However, the other main centres all saw growth rates slow with Hamilton at 16.2% (down from 17.5%), Wellington City 9.5% (down from 9.9%), and Christchurch growing 9.4% (down from 10.4%).
“Across the country, there is a gradual easing in the property market. Prices and hence property values are still higher year on year, with no signs of any dramatic falls, but conversely the demand that was pushing values up faster and faster over the past 3 years has definitely eased back”, said QV spokesperson Glenda Whitehead.
Signs of slowing rates of property growth were also reported in provincial cities: Gisborne 18.2%, Palmerston North 15.8%, Invercargill 11.2%, Napier 6.2%, and Nelson 2.4%.
“With 24.9% annual growth, Rotorua is the only provincial centre to still be growing at in excess of 20%. It was a late starter in this cycle and still in catch-up mode. Several other smaller centres are also growing at rates over 20%. These all tend to be in lower value localities” said Glenda Whitehead.
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