July 7, 2020 / 7:54 PM / a month ago

New Zealand house prices rise 7.4% y/y in June

WELLINGTON, July 8 (Reuters) - New Zealand house prices rose an 7.4% year on year in June to an average value of NZ$738,018 ($482,811.38) slightly down on annual growth last month, government valuer Quotable Value (QV) said on Wednesday.

* Pace slowed from 7.7% annual growth in May.

* Property values rose 5.4% year on year in Auckland region.

* Projections that the market will correct 5-10% by Christmas time from the pre-COVID high of January to March 2020 is still looking likely, according to QV. ($1 = 1.5286 New Zealand dollars) (Reporting by Praveen Menon; Editing by Sandra Maler)

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