WELLINGTON: New Zealand residential house prices showed an increase for the whole year of 2014. It was a mixed year for the property market with uncertainty associated with the loan-to-value restrictions, interest rate hikes and an election.
The QV residential house prices rose 4.9 percent or NZ$22,652 during 2014 from NZ$466,022 in December 2013 to NZ$488,674 in December 2014.
In the final three-month period of 2014, the average national value climbed 1.5 percent and nationwide values were 17.9 percent higher than the previous market peak reached in late 2007.
Values in the Auckland region alone increased 9.8 percent in December 2014 from the previous year. Moreover, they rose 4.2 percent over the past three months and are now 39.4 percent higher than the previous peak of 2007.After a slow start to the year following the introduction of the LVR speed limits, values picked up in February and March but then following four interest rate hikes during March and July value increases plateau-ed,” QV National Spokesperson, Andrea Rush said.
