House price growth slows again
Annual house price inflation abated for a fifth month in a row, although it is still in double digits, according to Quotable Value's figures.
Sunday, July 9th 2006, 12:00AM
by The Landlord
They show the average national house price was up 11.5% in June compared with 12.4% in May and well down from the 16.8% increase chalked up in January when the figures peaked. The average sales price in June was $328,829. QV's figures are prepared on a three-month rolling average.
"The 11.5% growth rate is still well above historic levels with many centres still recording growth rates in excess of 20%," says QV spokesman Blue Hancock.
In the main urban areas, the Auckland region's annual price growth rate abated to 9.1% from 9.8% in May while Wellington's eased to 13.1% from 13.6%. Dunedin showed the least annual growth at 5.8%, down from 8.2% in May. Christchurch's growth eased to 11.3% from 12.7% while Hamilton's fell to a still buoyant 19.2% from 21.5%.
Hotspots around the country included Otorohanga where the average house price was up 41.1% in June compared with a 33.2% annual increase in May, Waitomo, steady with 40.4% annual growth, and Ruapehu, up 48.2% in June compared with the 46.4% annual increase recorded in May.
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