Property price growth again eases

QV's figures show the average national house price was up 13.1% in April compared with a year earlier, down from the 14.8% annual increase it reported in March and the 16.8% annual rise in January when the figures peaked.

By comparison, the institute's figures showed the median national house price in March was up 7.7% on March last year.

"We expect to see the annual growth in values continue to flatten over the coming months," QV spokesperson Blue Hancock says.QV figures are prepared on a rolling three-month average basis while the institute's figures reflect actual sales each month.

"Although the national trend is for flattening residential property values, due to a fall in demand pressures, there are still areas where demand remains strong, notably the more affordable areas in our urban centres" Hancock says.

This month’s annual figures show slight declines in the growth rate of major cities with Hamilton down from 25.1% to 23.9%, Christchurch now 13.8%, Wellington 12.0% and Auckland 8.9%. Dunedin property values remained stable at 10.4%.