According to the latest QV House Price Index, the average value of New Zealand residential homes continues to increase and has shown a 6.8 per cent rise over the last three months to the end of February. The range for the main regional centres showed increases from 2.1 per cent in Invercargill to a high of 9.4 per cent in Palmerston North. The twin Hawke’s Bay cities of Napier and Hastings aren’t far behind, with both cities showing quarterly growth of 8.9 per cent. In the main city centres, average values were up by 6.4 per cent in Auckland, 7.9 per cent in the Wellington region, 6.1 per cent in Christchurch, and 5.6 per cent in Dunedin.
All of these numbers represent an increase of 15.9 per cent year-on-year, up from annual growth of 15.1 per cent last month for residential property.