House prices continued to rise last year, with the overall sale price up 2.7 percent on 2010, the latest sales data from property company QV says.
Prices in Auckland were up 5.1 percent on the same time last year, stuff.co.nz reported, which QV research director Jonno Ingerson says is due to a lack of supply and a shortage of desirable properties up for sale.
The average sale price in Auckland City for the last three months was $610,760.
Home buyers in Wellington fared better, with just a 0.3 percent increase in overall prices and an average of $500,063.
Properties that had survived Christchurch’s quakes in good condition remained in demand, with prices up 3.7 percent. However the average price was significantly lower than in Auckland and Wellington, at $377,040.
Dunedin saw a similar lift in prices, up 3.4 percent in the year to January, at $272,657 on average.
Mr Ingerson says there “appears to be a little more market activity since the New Year”, a sign that decisions made over the holiday break are now being put into action.
“However potential buyers remain cautious and calculated and are often unwilling to commit quickly,” he said.
Prices were down in some areas – Rotorua, Gisborne and Wanganui all saw price drops from last year, with 3.4, 2.6 and 5.6 percent drops respectively.
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