New Zealand house prices rise in December

[WELLINGTON] New Zealand house prices rose in December, the government property valuer said on Wednesday, as house sales in regions surrounding Auckland surged.

Quotable Value's (QV) residential property price index rose 14.2 per cent in the year to December, compared with an annual rate of 15 per cent in the previous month.

The index is now 34.7 per cent above the market's previous peak in late 2007.

House prices in the Auckland region were 22.5 per cent higher in the year to December, compared with a 24.4 per cent annual increase the month before.

Rising house prices in Auckland spilled over into nearby regions, with Hamilton City house prices up 19.5 per cent and Tauranga homes rising 18.2 per cent.

REUTERS