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NZ home prices up 9.8% in Sept over last year

Property Here - Monday, October 14, 2013

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Housing prices in New Zealand hit a record high in September, according to the Real Estate Institute of NZ (REINZ).

Based on REINZ’s index, prices moved up 0.8 percent month-on-month in September, or up 9.8 percent over the same period last year. 

At the same time, the number of homes sold rose 2.6 percent month-on-month in September. 

The residential market has been on the up since early-2012, particularly in earthquake-damaged Christchurch and Auckland. Both cities saw prices increase due to a housing shortage. 

As a result, the Reserve Bank of New Zealand (RBNZ) tried to cool the property market by imposing limits on how retail banks lend to low-deposit home buyers.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg