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

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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