WELLINGTON, March 1 New Zealand house prices
rose in February, with red-hot Auckland slowing down as further
flung cities picked up.
Quotable Value's (QV) residential property price index rose
13.5 percent in the year to February, the same rate as the
The index is now 52.4 percent above the market's previous
peak in late 2007.
Encouragingly for the central bank, which has raised
concerns over booming house prices, there were signs of cooling
in Auckland, which has been the epicentre of home inflation.
House prices in the Auckland region were up 12.8 percent in
the year to February, but quarterly prices dipped 0.7 percent as
loan-to-value limits introduced by the central bank last year
"Properties at the lower end of the market in suburbs
popular with investors tend to be not selling for the same
premiums they were before the new LVRs (loan-to-value ratios)
came in," said James Steele, QV Auckland homevalue manager.
Prices in nearby Hamilton also slowed by 0.8 percent in the
quarter, while those in the capital Wellington rose 4.3 percent
and Dunedin soared 5.3 percent.
(Reporting by Charlotte Greenfield; Editing by Kim Coghill)