NZ property prices up again with more sales and listings, figures show
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New Zealand property market show recovery from recession
Residential property prices in New Zealand recovered last month to be close to levels of a year ago, supporting views the economy has emerged from its longest recession in more than 30 years.
Government agency Quotable Value said that the average property price rose 0.7% in September compared to the previous month. Overall its residential house price index fell 1.1% in the 12 months to the end of September, compared with a 2.8% decline the previous month QV said the trend in values has now improved for six months in a row there are signs of more activity in the market with an increase in the number of sales and more listings in many areas.
However the activity is patchy, with some markets much stronger than others, making it harder to estimate national trends, QV spokeswoman Glenda Whitehead said in a statement.
Most of the main centres showed higher values than a year ago, while most of the provincial centres were still below September 2008 prices. 'The market is still clearly in a state of change. Although there is strong competition among keen buyers in some localities and price brackets for the limited properties available,' said Whitehead.
