House prices accelerated in April
House price inflation is accelerating again, according to the latest Quotable Value figures.
Monday, May 9th 2005, 3:19AM
by Jenny Ruth
Annual growth in house prices in the year ended April was 12.5%, up from the 12.1% growth recorded in the year ended March. Nationally, the average house price stood at $296,175 in April, up from $290,853 in March.
"A number of areas in the upper North that were previously slowing have levelled out and, in some cases, have experienced slight increases in annual property growth," says QV's Blue Hancock.
But the picture is patchy: Auckland City house prices grew only 2.7% in the year ended April and Wellington City's were only up 8.1% but Dunedin City prices were up 22.5%, Hamilton's were up 18.7% and Christchurch's were up 18.5%.
At the top extreme, house prices in Opotiki were up 56.4% on a year earlier in April, down from 61.8% in March, prices in Stratford were up 50.2%, down from 52.8% in March, and prices in Hauraki were up 47.4%, up from 40.4% in March.
At the other extreme, house prices in Nelson in April were down 4.3% on a year earlier compared with down 2.9% in March and prices in Tasman were down 5.2%, compared with down 2.8% in March.
"While the figures show residential property values have increased, we expect the traditional slowing of the market over the winter," Hancock says.
Next story: Housing confidence still high| « More ways to support brokers | Home loan rates look to head higher » |
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