House prices across the country are continuing to rise as low interest rates and easing in LVR restrictions show more first home buyers are active in affordable areas.
Nationwide house property values for February have increased 6.5% to an average of $672,645 over the past year and were up 1.2% over the past three months, the latest figures from QV’s monthly house price index show.
Values continued to rise faster in Wellington, Dunedin and other areas.
The Auckland region saw the lowest increase, up 1%, raising the average value of houses to $1,053,948, Auckland’s increase was the slowest annual rate for the city since August 2017.
Napier saw the biggest increase, up 16.5%, to $488,236.
Queenstown Lakes District house values increased 7.2%, to $1,114,358.
Christchurch house prices lowered, by 0.8%, to $494,564.
Mackenzie District continued to see growth rising 23.5% year on year and 8.1% in the past three months.
South Wairarapa values jumped to rise up 23.2% year on year and 6.0% over the past three months.
Masterton values were up 18.1% year on year and 2.8% over the past three months.
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