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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World New Zealand house prices rise in March - QV survey Reuters - Monday, April 12 Send IM Story Print WELLINGTON, April 12 - New Zealand house prices gained for the sixth month in a row in March, but the market remains subdued because of uncertainty over changes in property taxation, government agency Quotable Value said on Monday. QV's residential house price index rose 6.1 percent in the year to March, compared with a 5.5 percent annual gain in February and a 4.4 percent gain in January. Prices were still 3.9 percent below the market peak in late 2007. QV valuation manager Glenda Whitehead said market had turned flat in the past few months, with buyers seeing no urgency to buy despite the seasonal lift in listings, unlike the second half of 2009. "Buyers appear to be holding back as concerns linger over job security, bank funding is perceived to be difficult to secure, and any tax changes remain unknown," Whitehead said in a statement. The government has said it will change the tax rules covering property in ther May 20 budget after a review said loopholes and anomalies were favouring residential property investment and distorting economic performance. The housing market, once a major inflation concern for the Reserve Bank of New Zealand, has been slowly emerging from a sharp downturn during the prolonged recession. The national average sale price in March fell 2 percent to NZ$407,133 from February. The agency said values had eased over the past few months in the main cities, but were still higher than a year ago. "We expect values to remain relatively stable rather than decline significantly" Whitehead said. House prices in Auckland, the biggest city, were 9.9 percent higher, compared with a 9.5 rise in February, while the capital, Wellington, was up 6.6 percent from the previous month's 6.7 percent gain. The monthly residential price report is based on sale prices of properties over the past three months compared with sales over the same period a year earlier. The data is not seasonally adjusted. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 1 hour 54 minutes ago Macarthur Coal jumps; market bets Xstrata will bid Reuters - 32 minutes ago European shares rise in early trade; UBS gains Reuters - 39 minutes ago Thai violence worries credit rating agencies Reuters - 41 minutes ago China stocks end down as property issues slump Reuters - 41 minutes ago News Search Top Stories 'All bets are off' if US under WMD attack: Clinton Discovery astronauts undertake second spacewalk Greece to raise fresh loans, hopes EU seals debt plan Australian teen on course for sailing record American teen aims for Everest record More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended American teen aims for Everest record 'All bets are off' if US under WMD attack: Clinton Taiwan's male 'Susan Boyle' a web sensation Discovery astronauts undertake second spacewalk Australian teen on course for sailing record More Most Viewed » 'Rare' fossil of new dinosaur species found in US Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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