Housing prices in New Zealand hit a record high in September, according to the Real Estate Institute of NZ (REINZ).
Based on REINZ’s index, prices moved up 0.8 percent month-on-month in September, or up 9.8 percent over the same period last year.
At the same time, the number of homes sold rose 2.6 percent month-on-month in September.
The residential market has been on the up since early-2012, particularly in earthquake-damaged Christchurch and Auckland. Both cities saw prices increase due to a housing shortage.
As a result, the Reserve Bank of New Zealand (RBNZ) tried to cool the property market by imposing limits on how retail banks lend to low-deposit home buyers.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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