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  1. #1
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    Default NZ House Value Growth Slows To 9.2% In Dec

    From http://xtramsn.co.nz/businessandmone...810457,00.html

    The annual pace of New Zealand house value growth slowed further in December, government agency Quotable Value (QV) said on Monday.

    The agency's residential house price index rose 9.2 percent in December from a year earlier, down from a 9.4 percent rise in November and 9.6 percent in October.

    It was the slowest pace of growth since the monthly survey began in February 2005. Growth peaked at 16.8 percent in January 2006, but has slowed every month since then.

    "Although the level of increase has been easing, a number of areas have seen a slight increase this month, typical of the real estate market through spring and the early summer months." said QV spokeswoman Glenda Whitehead.

    Reserve Bank of New Zealand Governor Alan Bollard, has singled out the housing market's strength as the central bank's main concern for inflation, warning that interest rates may need to be raised to bring down price pressures.

    Interest rates will be reviewed on Jan. 25, with economists putting a median 40 percent chance of a rise in the 7.25 percent official cash rate, according to a Reuters poll.

    Annual growth in Auckland city, part of New Zealand's main population and business centre, eased to 6.7 percent from 7.2 percent the previous month.

    Growth in other main urban areas was mixed, with the capital Wellington falling to 9.3 percent from 9.8 percent, and Christchurch, the South Island's main city, unchanged at 9 percent.

    However, the next two largest urban areas, Hamilton and Dunedin, both recorded an increase in growth from November.

    The average national house sale price rose 0.5 percent in December from the previous month to NZ$348,886 ($240,611), according to the QV data.

    The monthly residential price report is based on sale prices of properties over the past three months compared with sales over the corresponding three-month period a year earlier. The figures are not seasonally adjusted.

    Data released last month by industry group, Real Estate Institute of New Zealand, showed a record median house price of NZ$330,000, up 10 percent in the year through November.


 

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