As New Zealand consumer prices rose at their fastest annual pace, so did the house prices.
• New Zealand consumer prices rose 1.3% at their fastest annual pace in two-and-a-half years in the final 3 months of 2016.
• Meanwhile, the nation’s bubbling property market continued to drive up house prices.
• Today’s data show prices for new housing rose 1.4% in December for an annual increase of 6.5%, the biggest yearly gain since 2005.
• Real estate services were up 4.7% in the quarter for a 12% annual gain, while rental prices were up 0.5% for an annual gain of 2%.
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