Residential property market up 11.1%: QV

Sale prices in the main urban areas keep rising, driven by significant activity in the lower value localities, says QV’s Blue Hancock.

The growth rate increased from 10.6% in April, with the average New Zealand sale price increasing from $366,032 to $372,552.

“Although immigration appears to be slowing, high levels of employment continue to contribute to sale price increases,” says Hancock.

The residential property market remains buoyant in most of the main cities. Auckland city’s property values increased by 7.5%, up from 6.6% last month. Hamilton, Christchurch and Dunedin also reported higher growth rates at 11.8%, 12.4% and 8.7% respectively. Wellington remained stable with property values growing at 13.3% over the past year.

These trends are also reflected in the provincial cities. Property values increased in Wanganui at 14.1%, Nelson: 12.3%, New Plymouth: 11.3% and Tauranga: 6.7%.

Find out more details of what house prices are doing in the main urban areas of Auckland, Hamilton, Tauranga, Wellington, Christchurch and Dunedin. Go to http://www.landlords.co.nz/read-article.php?article_id=2933