WELLINGTON, April 5 New Zealand house prices
rose in March, with red-hot Auckland slowing as the capital
Wellington picked up the pace.
Quotable Value's (QV) residential property price index rose
12.9 percent in the year to March, compared with 13.5 percent
the previous month.
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, Auckland, which has been the
epicentre of home inflation, continued to cool.
House prices in the Auckland region were up 12.3 percent in
the year to March, but quarterly prices dipped 0.2 percent as
loan-to-value limits introduced by the central bank last year
Instead, "the Wellington region continues to see some of the
strongest value growth of any area in New Zealand, particularly
in more affordable areas," said QV National Spokesperson Andrea
Wellington prices rose 20.8 percent on the year and 3.3
percent in the past three months.
(Reporting by Charlotte Greenfield; Editing by Eric Meijer)