The national average price of a New Zealand property has continued to rise in the last year, but more regions in the country are starting to see falling prices, new figures show.
The latest data released by government valuer Quotable Value (QV) reveals that New Zealand property prices rose by 4.6 per cent in the year to September, to an average value of NZ$676,427.
This was a slight slowdown from the 4.8 per cent growth recorded in August.
Five of the 15 main centres used by the QV Index reported a drop in values in the September quarter: Auckland, New Plymouth, Napier, Christchurch and Queenstown-Lakes. This is up from four the month before and three in July.
Invercargill had the fastest quarterly house price growth, up 4.7 per cent.
Auckland, meanwhile, remains a NZ$1 million market, despite price drops in almost all of its suburbs.
However, while New Zealand property price growth remains modest across the country, QV has reported a significant increase in the number of properties being listed for sale in September.
“While listings have increased significantly across most areas, quarterly value growth remains modest due to a lack of new market drivers,” QV’s general manager David Nagel explains. “Supply has been constrained which, on top of stable interest rates, is keeping values at their current levels.”
“While market activity doesn’t appear dramatic on the surface, there is plenty happening behind the scenes. Investors and first-home buyers continue to transform the makeup of more affordable areas on the outskirts of our city centres.”
Article published 3rd October 2018