Christchurch, Auckland supply issues drive up national property values

Mon, 10 Dec 2012

Dec. 11 (BusinessDesk) - A lack of houses in New Zealand's two biggest cities has driven up property values across the country and seen sale prices hit a new record-high. Property values rose 1.9 percent in the three months ended Nov. 30 and are 5.7 percent higher on an annual basis, according to government valuer Quotable Value. The figures come the same day Real Estate Institute of New Zealand data shows the median sale price rose 4.3 percent in November to a record $383,250 from a year earlier, and as sales volumes surged 24 percent to 7,4...

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