Auckland house values at record levels
The growth in ASB’s high LVR loans comes with government owned property valuer Quotable Value (QV) saying this month house values in Auckland, where ASB – formerly the Auckland Savings Bank – is heavily exposed, rose 2.1% in the past three months and 5.1% over the past year.
Auckland values are above the previous market peak, set in late 2007 by 1.9% QV says.
Auckland house values are rising faster than any of the other main centres. As of June 30 last year, 55% of ASB’s total credit exposures were in Auckland.
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