House prices up in July as buyers get in ahead of lending restrictions

Sun, 11 Aug 2013

By Tina Morrison Aug 12 (BusinessDesk) – New Zealand house prices rose in July as more houses changed hands, suggesting first-home buyers are trying to secure properties ahead of possible Reserve Bank restrictions on buyers with low deposits. The median house price rose 6.6 percent to $385,000 in July from the year earlier month, with all 12 regions posting an increase, according to the Real Estate Institute of New Zealand. Some 6,777 dwellings changed hands, up 15 percent from the year earlier, with nine regions recording an increase, the in...

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