In the face of dire predictions from economists, property prices continued to steam higher last month, says Quotable Value.
Tuesday, July 12th 2005, 5:54AM
by The Landlord
Property values increased 14.2 per cent in the year to June, up from 13.5 per cent in the year to May.
"Despite thoughts that the property market is about to enter a slowdown period, we are still seeing increasing levels of growth in property values across most areas of the country, QV's Blue Hancock said yesterday.
Nelson was the only region where house prices fell, easing 1.3 per cent in the year to June.
Residential property values in Hamilton grew 23.6 per cent in the June year - the most of any main centres, followed closely by Dunedin at 22.1 per cent and Christchurch at 18.5 per cent, according to QV.
Wellington residential property prices rose 8.9 per cent. Auckland City properties grew 5.7 per cent.
Mr Hancock said there had been renewed growth in property values in Queenstown and Tasman, after a softer period - " further evidence of the current buoyancy in the market".
But "all the indicators are pointing to a levelling- out of growth in values rather than a continued increase ... "
