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

 

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