Quotable Value's (QV) residential property price index rose 7.3 % in the year to March, as it steadily recovered from a lull towards the end of 2017 when buyers held off on large investments during an uncertain election period
New Zealand house prices surged for the third month in a row in January, with the commercial centre of Auckland posting its fastest growth in more than a year, the government property valuer said on Friday.
The market had made a steady recovery in recent months after an uncertain election period in the third quarter saw annual growth slip below one percent in September
Data from government valuer Quotable Value (QV) on Thursday showed its residential property price index rose 6.6 percent year-on-year last month, picking up pace from the 6.4 percent rise in November
Annual house prices rose 4.0% on a seasonally adjusted basis in November across New Zealand and were up 0.2 % on the month
The new Labour government, led by Prime Minister Jacinda Ardern, campaigned in the recent New Zealand election to restrict foreign buyers and reduce demand while the country tackles what the party calls a "housing crisis"
Prices in the Auckland region, previously the epicentre of rapid house price inflation, fell 0.6% for the first annual fall since 2011, data from government valuer QV showed on Thursday
The politically sensitive housing crunch has seen prices rise more than 50 percent nationally in the last decade
New Zealand will ban foreign buyers from purchasing existing homes in the country in an effort to cool soaring property prices.
Prime minister-elect Jacinda Ardern said the ban only applied to non-residents.
The country is facing a housing affordability crisis which has left home ownership out of reach for many.
Low interest rates, limited housing stock and immigration have driven up prices in recent years.
Quotable Value's (QV) residential property price index rose 4.3 % in the year to September, the slowest rise since August 2012, after gaining 4.8 % the previous month
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