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Mix-Ansicht- Für die Freunde der Auswanderung: Housing boom produces biggest price rise.... - alberich, 29.11.2003, 22:50
- Die Immobilien-Irren, weltweit - politico, 30.11.2003, 11:48
Für die Freunde der Auswanderung: Housing boom produces biggest price rise....
-->Housing boom produces biggest price rise in 15 years
27.11.2003
12.00pm
A 17 per cent rise in house prices in the September year was the biggest increase in 15 years, Quotable Value New Zealand said today.
Seven cities saw average house prices increase over 20 per cent in the year, led by Nelson with a massive 39 per cent hike.
There is little evidence of the boom slowing despite the private agency saying such increases are unsustainable.
In the September quarter, provisional figures showed the QV House Price Index rose by 4.6 per cent.
There was significant growth in the quarter in a number of areas with Waitakere City leading the way at 9 per cent followed by Christchurch (7.46 per cent), Tauranga (7.15 per cent), Invercargill (6.46 per cent), Nelson City (5.96 per cent) and Wellington City (5.49 per cent).
Areas that achieved annual growth rates in excess of 20 per cent for the year ended September 2003 were: Nelson City (39 per cent), Invercargill (32 per cent), Marlborough (32 per cent), Dunedin City (23 per cent); New Plymouth (21 per cent), Christchurch City (20 per cent) and Waitakere City (20 per cent).
Other cities to grow between 10 per cent and 20 per cent were Tauranga, Masterton, North Shore City, Auckland City, Wellington City, Palmerston North, Hamilton City, Manukau City, Papakura, Napier City and the Waikato.
The QV housing price index has now risen every quarter for the last two years, but how long this would continue was unknown, QV's Blue Hancock said.
"Continued house price growth at current levels is likely to be unsustainable in the medium term, especially given the current drop in people coming to New Zealand," he said.
Houses were also becoming less affordable as higher prices outstripped income growth.
"House sale volumes appear to have levelled off this quarter, and while short term interest rates have stabilised, they are showing some upward pressure and fixed interest rates are already increasing."
"On the other hand, there are several factors keeping pressure on house prices -- unemployment remains low, and section prices continue to rise, as do construction costs.
"Given these factors, and that property is still perceived as a good investment, we can still expect increasing pressure on values in the short term as a result of buyer demand outstripping supply.
"There seems to be enough momentum in the current climate to sustain continued levels of house price growth," Mr Hancock said.
Meanwhile, fresh data from Statistics New Zealand today seemed to indicate the building boom may be starting to cool, although the figures painted a confusing picture.
The department said the number of new dwelling consents issued in October fell 10.5 per cent to 2,385 in seasonally adjusted terms from September. That is 25.4 per cent down on the 3199 consents issued in October last year.
However, in October this year there were 2399 consents issued for new dwelling units excluding apartments and this is the highest monthly total recorded since the series began in 1990.
Ten out of 16 regions recorded more dwelling units in October 2003 compared with October 2002.
Canterbury recorded the largest increase in new dwelling units, up 117 on a year ago, followed by Otago (up 86 units) and Waikato (up 81 units).
Auckland recorded a fall of 1,195 units in Auckland and in Wellington there was fall of 100 units. Despite the decrease in Auckland, the Auckland region remained the main contributor to the total number of new dwelling units, with 750 units (30 per cent of the total).
The national value of non-residential building consents issued in October was $255 million compared with $256 million in September.
Consents for education buildings were worth $48 million, or 19 per cent, of all non-residential building.
- NZPA
<ul> ~ NZ Herald</ul>
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