Property market a little cooler
After months of defying economists' expectations, the housing market finally appears to have cooled a little in the past month.
Tuesday, November 15th 2005, 12:36AM
by The Landlord
The average 14.5 per cent increase in value in the year to October compares with 14.9 per cent in the year to September and 14.7 per cent in August.Though the growth rate in property values eased last month for the first time since March, it was too early to tell whether that was an indicator of an impending market slowdown, Quotable Value spokesman Blue Hancock said.
"Regardless, we do expect at least a levelling of growth in the market given expected interest rate rises, falling investor returns and also a slowing population growth rate," he said.
Though prices rose more slowly in most areas in the year to October, property values have continued to bolt ahead in Whangarei, where prices rose 31 per cent.
Prices rose in New Plymouth (29 per cent), Gisborne (28 per cent), Hamilton (27 per cent) and Rotorua (25.7 per cent).
The country's most expensive properties in the latest QV period were in east Auckland, with an average sale price of $585,274.
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