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

 


NZ house values rise at slowest annual pace in 6 months

NZ house values rise at the slowest annual pace in six months in March, QV says

April 7 (BusinessDesk) – New Zealand property values increased at the slowest annual pace in six months in March as lower Christchurch valuations, high-debt lending restrictions and interest rate hikes weighed on the market.

House values rose at an 8.8 percent annual pace in March, the slowest annual gain since September when values rose 8.4 percent, according to state agency Quotable Value. Residential values rose 0.1 percent in the past three months, down from a 1.8 percent pace in the three months through February, as they were dented by a 1.5 percent decline in Christchurch values.

The Reserve Bank imposed loan-to-value mortgage lending restrictions in October to cool the market on concern rapidly accelerating house prices in Auckland and Christchurch could lead to an asset price bubble and cause financial instability. Governor Graeme Wheeler starting hiking interest rates last month to head off inflation and is expected to raise the rate further this month.

“The LVR speed limits and the Reserve Bank signalling further interest rate hikes is likely to be contributing to a levelling off in the growth of property values in Auckland and for the first time in more than two years we are seeing a decrease in some areas of that market,” said QV spokeswoman Andrea Rush.

Values in Auckland increased at a 14.3 annual pace in March, and are up 0.9 percent over the past three months. Values fell in some areas such as Auckland South which declined 0.5 percent in the past three months, QV said.

In Wellington, house values rose at a 2.8 percent annual pace, while Christchurch values increased at an 8.3 percent annual pace.

Nationwide, values are 12.6 percent above the previous market peak of late 2007, QV said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news