Property

House price easing 'inevitable'

People enjoying an Indian summer of house-price growth in the regions should prepare for an inevitable slowdown, a property specialist has warned.

Monday, November 21st 2005

Bob Hargreaves, property studies professor at Massey University, said regional centres were bound to see house prices slow, "it's just no one knows when".

Figures issued by Quotable Value yesterday showed that house-price growth in October slowed for the first time since March, with main centres leading the easing.

"What we are seeing now is areas like Auckland levelling out, partly because of a dropoff in the apartment market," Professor Hargreaves said.

Some provincial areas – still playing catchup – were rising.

The strongest growth, more than 25 per cent in the year to October, was seen in regions such as Whangarei, Hamilton, Gisborne and Rotorua.

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