Average residential property values in Auckland, Hamilton & South Island dropped last month, while values in other parts of NZ continue to rise, QV says.
- Auckland’s home values dropped $4,019 to $1,043,680 in February from $1,047,699 in January.
- Although the fall in values isn’t that large, it’s still significant because the QV House Price Index is a lagging indicator of what is happening in the residential property market.
- QV blamed the latest LVR restrictions for investors as the reason for the falls.
- QV figures also show that avg. values in parts of Hamilton & in Banks Peninsula, Selwyn & Ashburton have fallen for 3 consecutive months, but home values are relatively steady in Christchurch.
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