Wednesday, 9 November 2011
Property values rising across most of New Zealand
National property values have continued to gradually rise according to the QV residential property index for October.
“Nationwide property values have been gradually increasing since the start of 2011 and as a result are now 1.2 percent above the same time last year and 4.4 percent below the market peak of 2007” said Jonno Ingerson, Research Director QV.co.nz.
“While initially the upward movement in values was being driven by Auckland and post-quake Christchurch, many other areas of the country are now increasing also” said Ingerson.
“The Auckland City revaluation has now been completed and the capital value (CV) of every property updated. The QV residential property index is based on the ratio between sales price and these CVs. As a result of the changing CVs there has been a slight one-off adjustment to the indices for Auckland, making it appear as if values dropped slightly from September to October. The raw underlying data actually show that values have continued to increase, and the index next month is likely to once again show the upward trend we have seen in recent months” said Ingerson.