House price inflation abates for fourth straight month
Annual house price inflation abated for a fourth month in a row, although it is still in double digits, according to Quotable Value's figures.
Tuesday, June 13th 2006, 1:37PM
by Jenny Ruth
They show the average national house price was up 12.4% in May, down from 13.1% in April and considerably cooler than the 16.8% increase chalked up in January when the figures peaked."The most recent market activity suggests there is no longer the urgent pressure on buyers and prices are stabilising. This trend is expected to continue throughout the winter months," says QV spokesman Blue Hancock.
Inflation is abating in all the major cities with the average annual growth in the Auckland region 9.8% in May, down from 11% in April, in Wellington 13.6%, down from 13.7%, Hamilton 21.5%, down from 23.9%, Christchurch 12.7%, down from 13.8%, and Dunedin 8.2%, down from 10.4%.
While there are still plenty of hotspots in the regions, inflation is abating in most. For example, Rotorua's average house price was up 28.7% in May from a year earlier, down from 31.6% in April, Gisborne's was up 28.7%, down from 31.2%, Ruapehu's was up 46.4%, down from 50.3%, Clutha's is up 28.3%, down from 29.7%, and Mackenzie's was up 26.9%, down from 30.9%.
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