QV Discovers House Prices Increase in All Regions in NZ; And Largely At A Faster Turnaround

QV Discovers House Prices Increase in All Regions in NZ; And Largely At A Faster Turnaround

House prices continuously increase, with the approximate prices homeowners pay for residential properties all over the country amounting to $977,456 within a three months’ time, until the last week of September, as reported by Quotable Value. This price is an increase from 3.6 percent from the approximate average value during the last quarter.

Quotable Value makes updates on its revolving quarterly worth of prices of houses each month. The information it has gathered says price values of houses continuously increased throughout the month of September, in addition to the overall entire three months.

The average home price was an increase from 1.5 percent from the average price amount of $963,046 that was reportedly disbursed for payment within the three months-time until the last week of August.

The coronavirus lockdown due to the spread of the Delta variant did not hinder selling prices of houses in the Auckland area from gaining a 1.7 percent increase on a monthly basis beginning in September. Such an increase has led to arriving at a new price value on average amounting to $1,391,598, according to Quotable Value.

House prices in Auckland increased to 3.3 percent within the last quarter period. QV’s published quarterly index list of prices of house properties increased n 16 large city neighborhoods. QV records that the average house properties’ prices reaches over $1M in Queenstown, Tauranga, and Wellington.

Prices of house properties increased all over New Zealand. But, according to QV general manager David Nagel, the increase rate depended on certain factors. Prices of houses have continuously increased in nine of the areas in New Zealand, while decreased in the other seven areas.

Prices increased the quickest in Queenstown. Such an increase was a 9.4 percent boost within the current quarter to $1,517,690. The slow-moving increase in house prices was in the Rotorua neighborhood where the approximate average prices of houses increased to 0.8 percent amounting to $697,326.

New Zealand’s Reserve Bank has long removed the restriction on the official cash rate to amount to 0.5 percent. Such a situation has triggered ANZ and Kiwibank to increase their certain mortgage rates. These rates, in turn, have moderate effects on the conditions of the markets nationwide.

Restrictions on the borrowing volume which banks have at minimal loan-to-value ratios shall begin to be implemented at the onset of the following month. This policy shall also exhibit the impact of a demand that has spiral downward.