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: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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