QV shows NZ house prices climbing

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Auckland house values rose 13.1 per cent annually but have shot up 30.6 per cent since the last peak of the market in 2007.


The latest monthly QV Residential Price Movement Index is just out.


That shows national house values last month rose 8.2 per cent over the past year, and 0.7 per cent over the past three months.


“This means they are now 13.9 per cent above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 6.6 per cent and values remain below the 2007 peak by 2.2 per cent.


“The Auckland market has increased 13.1 per cent year on year and values are up 30.6 per cent since 2007. When adjusted for inflation values are up 11.4 per cent over the past year and are 12.1 per cent above the 2007 peak,” QV said.


Auckland house sales, prices fall in May

The Auckland region as a whole has increased 0.7 per cent over the past three months. Auckland City-Central is the leader in terms of value rises over the past three months up 4.7 per cent, followed by Rodney-Hibiscus Coast where values increased by 3.8 per cent and then North Shore-coastal which is up 3.6 per cent.


QV Valuer Bruce Wiggins said, “In Auckland the picture is mixed. We’re seeing some strong prices achieved at auctions, of note are some recent sales in the Southern Auckland suburbs of Mangere Bridge and Greenlane.”


“However properties in the inner city suburbs such as Grey Lynn and Ponsonby are often not achieving vendors’ price expectations. For example the Ponsonby property in Lincoln Street that was media hyped as looking for $2 million sold for just over $1.6 million and a Grey Lynn do-up that was poorly presented passed in, so the feeling is there are less buyers especially considering the prices required.”


“Other properties in these areas however are achieving record prices for example a four bedroom beautifully restored and extended villa in Crummer Road, Grey Lynn sold for $2 million, which is a street record.”


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