1 Oct 2015

House prices continue to soar

2:40 pm on 1 October 2015

The latest report on the housing market from the government valuer QV shows house prices rose nearly 13 percent in the year to September, which is the fastest rate since October 2007.

QV said Auckland continues to lead the country, with prices in the country's biggest city rising close to 23 percent over the past year, and influencing the prices in adjoining areas such as Waikato, and Bay of Plenty.

QV national spokesperson Andrea Rush said some of the latest strength has come from people trying to beat new tax and lending rules aimed at cooling the hot Auckland market.

However, she said there were also signs of moderation appearing in Auckland, with properties failing to sell at auctions and being sold by negotiation.

Ms Rush said it was likely that the market would settle as people wait to see the impact of new tax and lending rules on prices and sales.

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