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The Up and Up of the New Zealand Property Market

Quotable Value New Zealand

The Up and Up of the New Zealand Property Market

For the eighth consecutive quarter house prices throughout New Zealand have increased.

The latest statistics released today by Quotable Value New Zealand Limited (QV), reaffirmed the growth in house prices right across the country. The House Price Index for the quarter ending June 2003 shows a total New Zealand increase of 1.7%, and an increase of 14.2% for the year ending 30 June 2003.

“These figures, however, do not reflect the substantial growth of a number of star performing regions,” Laurence Feehan of Quotable Value said today.

“Nelson reached new record house price growth levels for the year ended June 2003 of more than 40%. Other areas to achieve annual growth rates in excess of 15% per annum include Auckland City, North Shore City, Napier City, and Dunedin City,” Mr Feehan said.

Other areas that saw significant annual growth of between 10% and 15% included Wellington City, Manukau City, Tauranga, Papakura and Waitakere City.

“The impacting factors on the residential property market are still positive with rents continuing to rise in most areas, house sale volumes rising, unemployment remaining near its lowest level in 15 years, reduced short term interest rates, low fixed mortgage rates, and property continuing to gain favour as an investment vehicle.

‘In short, there is no reason to believe that the strong growth in house prices won’t continue over the next quarter,” Mr Feehan said.

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