House values increase

Posted June 11th, 2007 by Dr James Pratt

House values across New Zealand grew 11.1 per cent more in the three months to May 31 than in the same quarter last year, ignoring efforts by the Reserve Bank to take the steam out of the property market.

The average national sale price increased from $366,032 to $372,552.

Last week the Reserve Bank lifted the official cash rate to 8 per cent in an attempt to cool inflation pressures stemming from the robust housing market and strong domestic spending.

It was the third straight rate increase, following policy tightening in March and April.

Prices in the main regions showed strength, with the capital Wellington rising 13.3 per cent and Christchurch up 12.4 per cent on a year ago.

Auckland, the biggest population and commercial centre, rose 7.5 per cent, up from the 6.6 per cent growth marked in the April year.

The monthly residential price report is based on sale prices of properties over the past three months compared with sales over the corresponding three-month period a year earlier. The figures are not seasonally adjusted.

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