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

 


NZ property values rose 10% in 2013, QV says

NZ property values rose 10% in 2013; RBNZ loan limits likely to bite this year, QV says

Jan. 14 (BusinessDesk) - New Zealand property values climbed 10 percent last year due to the shortage of housing in Auckland and Christchurch, though Reserve Bank restrictions on low equity mortgage lending will probably start biting though the first half of this year, according to state-owned valuer Quotable Value.

National property values rose 3 percent in the final three months of 2013, and are now 12.5 percent above the previous market peak in late 2007, QV said in a statement. Auckland property values climbed 15 percent and Christchurch values rose 13 percent in the year, pacing the national gain.

Research director Jonno Ingerson said sales volumes grew month on month until October, when the Reserve Bank’s restrictions on low loan-to-value ratio lending came into force, but that the activity was still less than the boom between 2003 and 2007.

Ingerson expects the loan restrictions will have an impact on the market “for at least the first half of 2014” and have already led to a decline in the number of new listings.

The Reserve Bank imposed the restrictions as bubbling housing markets in Auckland and Christchurch, which typically account for half the nation’s property turnover, raised fears about the nation’s financial stability if there was a sharp correction.

QV’s Ingerson said the other factor likely to weigh on property market will be the expected interest rate increase, which will push up the cost of servicing mortgages.

“Nationwide values are likely to increase only modestly this year, but that will probably be as a result of everywhere outside of Auckland slowing, while the Auckland market itself will continue to increase,” he said.

Property values in Wellington increased at an annual pace of 3.1 percent in 2013 and Dunedin was up 3.8 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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