House prices rise 22pc

Sunday 29 February 2004

House prices have shot up 22 per cent – the biggest leap in 20 years.

By The Landlord

But the rise across much of the Wellington region has been slower than in other areas.

Price index figures for last year show a boom, particularly in the South Island, Quotable Value New Zealand reported. Nelson was up 41.6 per cent, Dunedin 34.3 per cent, Invercargill 33.4 per cent and Christchurch 27.4 per cent.

Napier prices rose 32 per cent while Auckland prices continued to boom, 22 per cent up on a year ago.

In Wellington city, house prices rose 18.7 per cent. Porirua (10.5 per cent), Upper Hutt (9.1 per cent) and Lower Hutt (7.9 per cent) lagged.

The index is the most accurate measure of house price changes.

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