9 Apr 2013

House valuations reach 7-year high

9:48 pm on 9 April 2013

Housing valuations are at their highest in seven years.

Quotable Value figures for March show housing values 3.3% above the previous market peak in late 2007.

Nationally, house prices have increased 1.3% in the past three months and 6.5% during the past year.

QV says house values rose the most in Auckland, with prices up by 11% in the past year.

In earthquake-hit Christchurch, house prices rose over the year by 7.8%, and by 2% in Wellington.

QV research director Jonno Ingerson says while house values are rising, there are signs that the rate of increase has slowed in the past two months in Auckland, Hamilton, Christchurch and Dunedin.

Mr Ingerson says it is difficult to know if the slowdown signals a wider trend, as the number of properties on the market, particularly in Auckland, is limited.