All 16 New Zealand cities tracked by the Quotable Value House Price Index recorded price rises last month.
It is the third consecutive month that this has been the case, as the country’s property market continues to go from strength to strength.
The latest QV data shows that house prices were up 5.3 per cent year-on-year in February and 2.6 per cent over the quarter. The national average residential property value is now NZ$722,475.
Auckland is home to the country’s most expensive property market, with average prices in NZ’s largest city above NZ$1 million. Prices there have grown by 1.8 per cent in the last three months.
“February data confirms that strength is returning to the Auckland market after a relatively quiet two to three years,” said QV general manager David Nagel. “Sales activity has picked up significantly in Auckland as well as around most parts of the country as more buyers are committing to property decisions in an already congested market. As a consequence, we’re seeing more buyers from across the property spectrum competing for limited stock which is forcing prices to rise,”
The Whanganui District recorded the best annual performance. Property prices there were up 30 per cent compared to a year earlier.
Gisborne was in close second at 24.9 per cent, while Invercargill recorded growth of 19.3 per cent.
Elsewhere, Wellington’s values were up 5.4 per cent in the quarter just ahead of Dunedin’s at 4.9 per cent. But Dunedin values were up 18.1 per cent over the year.
Queenstown and Auckland’s North Shore showed the slowest annual growth in value.
Article published 4th March 2020