House prices in New Zealand hit a new high in October following strong growth in the country’s two key cities while lending restrictions imposed by the central bank have yet to make an impact, revealed state-owned property valuer Quotable Value (QV).
QV’s residential property index climbed 8.9 percent in the year to 31 October from its annual rate of 8.4 percent in September.
This brings the index to 10.2 percent above the property market’s previous peak in 2007.
Housing prices in earthquake damaged Christchurch and in the biggest city Auckland are still leading the rest of the nation, with lack of supply being a major factor.
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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