Residential property values grow 12.5%
Latest statistics released by Quotable Value indicate that the value of residential properties increased by 12.5% to the year ended April, up from the 12.1% annual growth to March.
Monday, May 9th 2005, 7:48AM
“This marginal increase between March and April has been caused by a more buoyant market in the late summer. 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 value growth. Over all this has contributed to an increase in property values nationally,” says QV’s Blue Hancock.
The majority of areas in Auckland that were previously slowing have at least levelled or shown slight increases. These include North Shore (8.1% annual growth to the end of April, up 0.6% from March), Papakura (13.9%, up 2.3%) and Auckland City (2.7%, consistent with March).
Property values in the main centres continue to grow but increases vary significantly. Dunedin City property values increased by 22.5%, Hamilton City 18.7%, Christchurch City 18.5%, while growth in Wellington City was only 8.1% and Auckland City 2.7%.
“Dunedin is still showing strong signs of growth in comparison to the other main centres and other local areas like Queenstown Lakes (5.5%) and Invercargill (9.1%)”.
“While the figures show residential property values have increased, we expect the traditional slowing of the market over the winter.” Mr Hancock said.
| « NZPIF Conference 2005 | Auckland property market remains steady in April » |
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