Property News

New Zealand sees yearly price increases after holiday lull

New Zealand saw its residential property prices increase over the last year with values up nearly 3% in the 12 months to January.

New figures from property company QV show that houses last month sold for 2.7% more than they did in January 2011. Auckland prices were 5.1% up over the same period and 1.9% above market peak. The average sale price in Auckland City over the past tree months was $610,760.
Christchurch (3.7%), Dunedin (3.4%) also saw price jumps.

However over in Wellington prices were up just 0.3% year-on-year, while in Tauranga a small rise of 1.1% was recorded.

QV research director Jonno Ingerson said: "There appears to be a little more market activity since the New Year, with signs that decisions made over the holiday break are now being put into action.”

“However potential buyers remain cautious and calculated and are often unwilling to commit quickly.”