The housing market is picking up again, with a shortage of listings and low interest rates driving up values.

The average national value increased 3.3 percent in November to $704,072 over the year earlier, according to Quotable Value.

While average values in the Auckland region fell over the past year by 1.2 percent to $1,038,477, there was a 1.3 percent increase over the quarter, which was the biggest rise for the region in nearly two years.

“All of the main centres are showing value growth over the past three months, including Auckland and Christchurch which have generally struggled throughout most of 2019,” QV spokesperson Paul McCorry said.

“Dunedin is still the leading light of the big centres with a whopping 8.6 percent quarterly growth to November, followed by the Wellington region with growth of 3.0 percent for the three month period.”

Whangarei was the only centre where prices dropped over the three-month period – down 0.2 percent.

Invercargill had the biggest quarterly increase, of 9.3 percent.

“We didn’t see a further reduction in the OCR (Official Cash Rate) from the Reserve Bank in November that many predicted, but this hasn’t stopped the resurgence in value growth continuing as we head into the warmer months,” McCorry said.

This article was originally published on RNZ and re-published with permission.

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