Property values above 2007 market peak - QV

A lack of house listings is restraining the housing market, but property values continued at market high levels last month.

Figures from Quotable Value show house prices rose 1.9% in the three months to October, and 5.7% over the year.

Values are 1.1% above the previous market peak in 2007.

QV says the values are largely being driven by the demand from Auckland and Christchurch, but there are signs that values are increasing in other main centres and provincial cities.

It says there was a surge in activity last month, with the number of sales rising and low interest rates encouraging first home buyers and property investors.

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