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: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news