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NZ house prices high on world stage

Although latest figures showed our house prices had turned the corner, New Zealand is still towards the head of the field on a world stage according to the latest issue of The Economist.

Sunday, September 19th 2004

The magazine pegs us high globally, having the world's third fastest house price rises behind Hong Kong and South Africa but the figures used are a comparison of historical data towards the peak of the boom and not the latest.

Using Quotable Value data, the magazine calculated that our houses rose in price 22.1 per cent between the second quarter of last year and this year's second quarter, just behind Hong Kong with a 28.7 per cent rise and South Africa with a 25.5 per cent rise.

But the London-headquartered magazine's numbers were somewhat behind the latest figures to be issued here on Thursday by the Real Estate Institute.

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