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New Zealand house price growth rises in September

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New Zealand house prices rose at their fastest pace in nine years in September, the government property valuer said on Thursday, driven by growth in the central and upper north island.

[WELLINGTON] New Zealand house prices rose at their fastest pace in nine years in September, the government property valuer said on Thursday, driven by growth in the central and upper north island.

Quotable Value's (QV) residential property price index rose 12.6 per cent in the year to September, compared with an annual rate of 11.3 per cent in the previous month.

The index is now 30.9 per cent above the market's previous peak in late 2007.

QV said that in addition to rising Auckland house prices, other North Island centres such as Tauranga and Hamilton were experiencing growth as some Aucklanders relocated and buyers took advantage of record low interest rates.

House prices in the Auckland region jumped 22.6 per cent in the year to September, compared with a 20.4 per cent rise the month before.

REUTERS