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Steady Growth in the Property Market
Steady Growth in the Property Market
QV’s property statistics released today indicate that residential property values rose by 16.8% over the last 12 months. The growth in residential prices reported for January is a steady increase against the 15.8% reported in December.
“Although we are still reporting strong growth of 16.8% nationally, anecdotal feedback and market activity suggests that the market may be beginning to level out. If so, we’d expect to see the Residential Price Movement ease through the second half of summer” says QV spokesperson Blue Hancock.
In the main centres Hamilton showed the strongest growth of 26.0%. However, this was down slightly on the 26.9% reported in December. Of the other main centres Christchurch led the way with 20.8%, Wellington 13.3%, Auckland 11.4% and Dunedin 10.4%.
The increase in property values remains strong across the major provincial cities, with Whangarei 32%, Rotorua 31%, Gisborne 27%, and Palmerston North 21.1%. The New Plymouth market appears to be easing with annual growth now reported at 19.6%.
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