Annual NZ property values accelerate on limited big city supply

Mon, 09 Sep 2013

Sept. 9 (BusinessDesk) - Rising New Zealand property values accelerated last month as the lack of listings in Canterbury and Auckland continue to overheat the market, prompting the Reserve Bank to impose low-equity home lending restrictions from next month. Property values rose at an annual pace of 8.5 percent in August, from an 8.1 percent annual pace a month earlier, according to state-owned Quotable Value. House values rose 2.9 percent in the three months ended Aug. 31, slowing from the 3.1 percent rolling three-monthly pace ending in Jul...

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