These statistics only confirm what everyone knew already.
Prices have risen again but may be having a bit of a breather and “a cup of tea” in a manner of speaking.
The property market, like all markets, is a pendulum which swings from one side to the other and left alone will balance itself out eventually.
That’s why those who mindlessly want interference in the market by the authorities should be careful for what they wish for.
Interference in the market invariably leads to distortions which will enrich the few who know how to manipulate the market, while disadvantaging the rest.
House prices continue to rise: QV
Nationwide residential house values rose further in March – up 3.3 per cent above the previous market peak of late 2007, according to the latest Quotable Value figures.
House prices have increased 1.3 per cent over the past three months and 6.5 per cent over the past year nationally.
However, QV research director Jonno Ingerson says the increases in house prices have slowed in the main centres of Auckland, Hamilton, Christchurch and Dunedin in the past two months due to tight supply, but the slow down did not yet signal a wider trend.
“The number of properties on the market remains limited, particularly in Auckland,” says Ingerson.
“This has constrained the number of sales at a time when buyers have generally shown more confidence and have been keen to purchase.”
QV says values across Auckland are still increasing – now up 11 per cent over the past year with the North Shore seeing the greatest increase at 11.6 per cent.
But QV operations manager Kerry Stewart said a lack of listings had worsened over the past month as people started to hold onto their properties, especially in the wake of the release of the draft unitary plan.
“Many buyers are also starting to feel that house prices are unreasonable and are waiting it out to see if houses become more affordable.”
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