Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ property values climb 5.7% in 2012, Auckland to gain more

NZ property values climb 5.7% in 2012, Auckland values set to keep gaining

Jan. 10 (BusinessDesk) - New Zealand property values rose 5.7 percent last year, driven by gains in Auckland and a recovery in Christchurch, and the housing market in the country's biggest city is set to keep climbing, according to Quotable Value.

Property values were 1.5 percent in the three months ended Dec. 31 from the same period a year earlier, rounding out the annual gain to 5.7 percent, state-owned QV said today. That's 2 percent above the previous market peak in late 2007.

The increase in national values was predominantly driven by Auckland and to a lesser extent Christchurch," research director Jonno Ingerson said. "These were also the only two areas to have consistently increased while the rest of the country varied throughout the year."

New Zealand's property market regained some vigour in 2012 after several years of being in the dumps, with an increasing Auckland population swelling demand against the backdrop of a limited supply. The lack of supply has become a concern for politicians, who are looking at ways to stoke new building.

QV's Ingerson said the lack of properties on the market was "one of the defining features of 2012" with buyers struggling to find suitable properties.

Those supply issues will likely push up Auckland property values further this year with the city expected to see more migrants arriving than people leaving.

Auckland property values are 11.1 percent above the last peak, and what used to be Auckland City now exceeds the 2007 values, even when adjusted for inflation.

Wellington property values are expected to stay flat this year having suffered in recent years from restructuring and job losses in the public sector, while Christchurch property values are predicted to keep growing as demand outstrips supply.

Property values in the country's provincial centres increased at a slower pace than the national average and are expected to stay flat this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news