House prices gain, but with a warning

House values are climbing back towards last year's levels after four months of improvement, says QV Valuations.

But the company warns that the rise could be a temporary surge caused by demand exceeding supply.

The average house price was down 2.8 per cent in QV's August index - calculated from the previous three months' market figures - from the same period last year.

This followed a 5 per cent annual decline reported last month, which was an improvement on the 7.1 per cent of the previous month.

The national average house sale price rose to $385,426 in August from $382,758 in July.

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Posted: 7 Sep 2009

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