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NZ house prices up, but growth rate eases

NZ NewswireNZ Newswire 12/07/2016

Property prices across the country have hit a record high, but in good news for buyers the price increases are slowing down.

The average asking price for a home reached a high of $590,850 in June, more than $46,000 than the same time last year, according to the Trade Me Property Price Index.

"In a normal market that's a fantastic level of growth but in New Zealand that's an easing, for example back in September we saw a 12-month jump of over $80,000," Trade Me Property head Nigel Jeffries said.

"We'll be watching it closely, but this is a sign that the foot may be coming off the accelerator."

The experts say the easing is particularly noticeable in Auckland, despite prices jumping almost $350,000 over the last five years.

Only the Gisborne, Taranaki and Marlborough saw drops in prices, with sizeable increases in all other regions.

Otago saw the biggest jump with average asking prices rising by $87,000 in a year.

AVERAGE HOUSE ASKING PRICES ACROSS THE COUNTRY JUNE 2016 v JUNE 2015

* New Zealand - up 8.5 per cent to $590,850

* New Zealand (excluding Auckland) - up 9.6 per cent to $442,550

* Auckland - up 9.7 per cent to $848,100

* Wellington - up 6.4per cent to $472,950

* Christchurch - up 2.4 per cent to $465,350

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