04-03-2013

ASB weighs up regions' house prices

Landlords.co.nz

1. News
2. 2013
3. March

Gisborne is the only region in New Zealand that experienced a house price drop in the year ended December, according to ASB’s latest Main Report regional economic scoreboard.

The report takes the latest quarterly statistics from regions around the country and ranks the economic performance of the 16 regional council areas.

Overall, Auckland and Canterbury ranked the highest, while Manawatu/Wanganui ranked lowest.

But in terms of house price growth, Gisborne is clearly lagging the rest of the country, with a -2% decline in house prices year-on-year in December.

Auckland’s house prices increased by more than 8% for the year, Canterbury’s just slightly less, and New Zealand prices as a whole rose by more than 6%.

Even slow markets such as Northland and Southland had a price increase of more than 3%.

ASB’s report concluded that there is evidence that price gains seen in Auckland and Christchurch are spreading to other regions.

Source: Landlords.co.nz