NZ house values up 1pc in last year: QV

House values rose 1 per cent in the 12 months ended November 30, up from a 0.20 per cent gain in the period through October, according to QV Valuations.

The average sale price increased to $393,373 from $389,198 a month earlier.

Total market activity was relatively static this year, "driven by a shortage of listings as prospective vendors decided to stay put rather than sell," said spokeswoman Glenda Whitehead."We expect that January and February will lead to further increases in activity and lead to more balanced market conditions."

New Zealanders are still optimistic about the housing market with the majority of respondents in an ASB confidence survey last month saying now is a good time to buy a house.

Auckland house prices reached a 23-month high in November, according to the city's largest real estate agency Barfoot & Thompson, and the revival has stoked the country's economic recovery. Still, the central bank expects prices to ease, as they remain high relative to incomes.

To read the full NZ Herald article click here

Posted: 7 Dec 2009

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