PHOTO: Photo: 123rf.com
The latest round of house valuations indicates a shift in the market with an increasing number of homes failing to sell at auction.
QV’s latest figures for the three months to November indicate the price pressure had shifted from lower valued properties, once popular with investors and first home buyers, to higher valued housing.
All 16 areas surveyed by QV saw an increase in average values over the past three months, with a 6.9 percent national increase to $1,029,820.
However much of that increase was driven by rising prices for the top 25 percent of properties by value.
“This isn’t a surprise given rising interest rates, changes to LVRs (loan-to-value bank restrictions) last month and now a further tightening of credit rules from December,” QV general manager David Nagel said, as those measures would have less impact on high-end buyers with easier access to credit.
READ MORE VIA RNZ
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