Source: MIL-OSI Submissions
Recent momentum in the NZ housing market continues in November – fresh upswing now clearly underway.
According to the CoreLogic QV House Price Index, average property values rose by 1.0% from October to November, with the annual rate of growth now sitting at 3.3%. That’s up from the 2.0% lull in June, and the strongest annual growth figure since November last year.
The strengthening in property values over the past few months has been reasonably broad-based around the country, with Auckland’s mini-downturn, for example, now looking to have passed (values there have risen by 1.3% in the past three months), and other areas remaining buoyant – take Dunedin, for example, where values have soared by 17.1% in the past year (equivalent to about $73,800). Nationally, average property values have now risen above $700,000 for the first time.