“Supply and demand in the residential property market appears to be more evenly balanced across many areas of the country which is contributing to a steady market” said QV spokesperson Blue Hancock. “There had been predictions that a potential over-supply in housing stock may impact the market, but this appears to be offset by continuing positive levels of net migration.”

“Mortgage rates that are stable or even falling, the feel good factor of lower petrol prices, along with the normal increase in activity that comes with the spring property market, may keep the property market simmering for a while yet” said Mr Hancock.

Of the main cities, Hamilton 14.1%, Auckland 7.2% and Dunedin 5.3% all reported a slight slowing in growth rates compared to August. Wellington 10.1% grew at a higher rate than last month (9.5% in August), back to a similar growth rate recorded in June (10.5%), while Christchurch’s growth rate was stable at 9.6%.

In the provincial cities, slowdown in growth was reported for Rotorua 22% (down from 24.9% in August), Napier slowed to 4.5% and Tauranga 1.2%. Other cities showed an increase in growth rates compared to August, with Palmerston North up to 16%, Invercargill 11.4% and Nelson 3.8%.

The average New Zealand sale price was $344,748 for this period.

See commentary on the main urban areas here