New Zealand Property Prices Rise Sharply In September: QV Residential property prices in New Zealand increased significantly in September, ahead of the introduction of home lending restrictions by the government, data released by property research firm Quotable Value showed Wednesday. Nationwide residential property values increased 8.4 percent on an annual basis in September, and stayed far above the previous market peak seen in 2007. Prices advanced 2.6 percent over the past three months. Prices in the Auckland market climbed 13.6 percent year-on-year in September, and remained notably above the previous peak. The growth in overall values was driven primarily by Auckland and Canterbury, where high demand and short supply have been pushing prices up, while prices in most of the rest of the main cities and provincial towns increased at a more modest rate, the agency said. "The LVR caps just applied by the Reserve Bank are intended to help slow down the rapid increase in values by limiting loans to people with a low deposit." QV Research Director Jonno Ingerson said. "This will take some time to fully impact the market as the main banks had a large number of pre-approved loan applications in the pipeline."
Posted on: Wed, 09 Oct 2013 06:32:18 +0000
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