Property prices in New Zealand have recorded their lowest growth rates in almost five years.
Although property prices in the country are 4.3 per cent higher than they were last year, the latest QV figures show that there is a slowing of the New Zealand property market in almost all city locations.
Property values in NZ rose by just 1.1 per cent in the last three months, while in Auckland, which had been driving the housing boom, prices actually fell by 0.6 per cent in the past quarter.
However, nationwide property prices in New Zealand are still 56 per cent above the previous market peak of late 2007. The average price of a property in New Zealand is currently NZ$646,378.
In Auckland, prices are now on average 90.1 per cent higher than the 2007 peak, with the average property costing more than NZ$1 million.
“The year on year growth is still showing double digit gains in many of New Zealand’s provincial towns; however, the quarterly change shows a gradual slowing of the property market in almost all city locations,” said QV National spokesperson David Nagel.
“Values are reflecting small decreases in all but a few isolated pockets of Auckland while Tauranga and Christchurch have also shown a small decline over the past quarter,” he added.
Article published 10th October 2017