House Values Show 22% Growth

Friday 27 February 2004

New Zealand has experienced its highest annual growth in the 13 years since the House Price Index was introduced, Quotable Value (QV) announced today. New Zealand’s overall QV House Price Index shows a growth of 21.9 percent in property values for the year ending December 2003.

By The Landlord

The House Price Index for the December quarter showed continuing growth in house values, in contrast to the slowdown indicated by the median sales prices. “The House Price Index is a better indicator of change in property values, as median sales prices can be impacted by sales activity in specific property types,” said Blue Hancock of QV Valuations. “A high volume of sales in apartments or investment properties may drive the median price down, when in fact, these properties values may be increasing”.

Areas to achieve annual growth rates in excess of 20% per annum for the year ended December 2003 included Nelson City 41%, Dunedin City 34%, Invercargill 33%, Napier City 32%, Christchurch City 27%, Waitakere City 24%, Tauranga 23%, and North Shore City 21%. Very few areas in New Zealand experienced growth levels of less than 10% in 2003, Mr. Hancock said.

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