Growth in property prices slows

In the year to March, Quotable Value said residential property values grew by 12.1 per cent, down from the 13.5 per cent annual growth recorded the previous month and well below the 16 per cent of December.

The average house price is now $290,853, but jumps to $393,347 in Auckland and $328,441 in Wellington.

QV said annual growth in property values slowed in most areas in March, but last month's star performers included: New Plymouth, up 31.2 per cent; Wanganui, 32.4 per cent; Dunedin, 23.8 per cent; and Tauranga, 21.2 per cent in the year to March.

Central Auckland's growth fell from 5.3 per cent in the year to February to 2.7 per cent last month, central Wellington remained stable at 8.2 per cent and central Christchurch dropped to 18.6 per cent from 18.7.

In the March year, Kapiti Coast prices rose 11.9 per cent; Porirua, 14.8 per cent; Upper Hutt, 15.7 per cent; and Lower Hutt, 13.1 per cent.

Prices in north Wellington went up 10.3 per cent; in the western suburbs, 10.9 per cent; in the eastern suburbs, 6.4 per cent; and in the south, 5.7 per cent.

QV's Blue Hancock said the figures showed the market was easing slowly because of interest-rate rises and a reduction in net migration.

The cool-off was spreading from the main centres to provincial cities.

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