Job security, migration push house prices higher
5:00AM Monday May 14, 2007
By Martha McKenzie-Minifie
Property values are continuing to rise, with new figures showing the average sale price in the Auckland region rose almost $9000 in the last month.
Quotable Value statistics released last night showed an average 10.6 per cent rise nationally in property values over the last year.
It was the first time since September the organisation recorded more than 10 per cent growth.
Values in the Auckland region grew more slowly than the national average at 8.2 per cent over the year. However, between March and April the average sale price in the region grew by $8770, the figures showed.
Hamilton was up 11.4 per cent in the year, Wellington City was up 13.4 per cent and Christchurch was up 11.8 per cent.
QV spokesman Blue Hancock credited low unemployment and stronger than expected migration with the continued rise.
He said the Reserve Bank rises in the official cash rate - which tend to lead to higher mortgage interest rates and slow property booms - had yet to make a mark on the statistics.
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Higher interest rates to slow housing market.