12 Sep 2012

Auckland values expected to rise in spring

9:00 am on 12 September 2012

Quotable Value expects the lack of supply in the housing market to ease as more people put their houses up for sale during spring.

Figures from QV show that house prices have risen 1.6% in the past three months, and 4.8 percent over the past year. Values are now only 0.4% below the 2007 market peak.

Research director Jonno Ingerson said a shortage of listings means there has been a lack of choice for buyers so good quality properties get snapped up.

He said more properties should come on the market in spring and expects values to pick up in Auckland and remain flat elsewhere.

"We're seeing values at a nationwide level that are continuing to increase," he said.

"It (the rise) is being driven pretty strongly by Auckland, which ... is increasing faster than anywhere else, particularly in the old Auckland City."