House values continue to rise in New ZealandChristian Fernsby ▼ | February 4, 2020
House values are on the rise again in New Zealand, with record high building consents unable to keep up with demand.
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Topics: House New Zealand
Nationally, the average value increased 4.4 percent in the year to January with the average house price now at $714,747.
QV general manager David Nagel said while more houses would come onto the market in February, overall, listings were down on last year.
"So that'd suggest the current trend steady price growth is probably going to continue at least in the short term."
He said there were a number of reasons fewer people were selling.
"People are aware that prices are high and I guess maybe they don't want to go through the mental stress of having to find another property if they sell their own.
"Investors are sitting on their properties because there's rules around flipping properties and having to pay tax on that.
Auckland values are up 1.7 percent over the last quarter, after a period of plateau in 2018 and most of 2019. ■