1 Dec 2016

House price growth slowest in six months

12:39 pm on 1 December 2016

Growth in property prices is at its slowest in six months as tighter bank lending rules take effect.

An auction sign outside a house for sale in Auckland.

The national average house price has risen to $625,000. Photo: RNZ / Claire Eastham-Farrelly

The Quotable Value house price index increased 12.4 percent in the year ended November, from 12.7 percent the month before.

The national average price edged up to nearly $625,000.

QV's national spokesperson Andrea Rush said tighter lending measures imposed on banks had been slowing the market, which is weaker than it would normally be at this time of year.

She said the slowdown had spread to the Wellington market, which had been bucking the trend of other major centres, but some provincial areas were still seen as cheap and attracting buyers.