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Slight slowdown in Kiwi property
A new price index from QV Valuations has revealed a flattening of property prices in New Zealand.
Though urban centres continue to perform well - Auckland-based property prices increased by 11.9 per cent from last year's figure - others showed a more static performance.
However, the index nonetheless revealed maintained growth for the country's housing market, with average prices up 12.7 per cent in the last 12 months.
Blue Hancock, a spokesperson for QV, commented: "QV is reporting a continued increase in property values across the country, however, the trends differ within cities and between regions.
"Prices in the main urban areas appear to be stabilising while some provincial cities continue to experience strong growth."
He added: "There are clear signs that the property market is slowing with feedback of fewer listings and buyers, resulting in fewer sales. However, as the number of buyers is dropping along with the number of listings, this isn’t putting significant downward pressure on prices."
Invercargill showed the most impressive growth, with sale prices up 30.9 per cent in the last year.
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