InfoAnda - NZ house price growth slips in October

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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 Weekend Edition Singapore Asia Pacific World NZ house price growth slips in October - QV Reuters - Monday, November 8 Send IM Story Print WELLINGTON, Nov 8 - The rate of growth in New Zealand house prices slipped for the sixth month in a row in October with low sales volumes in the face of an uncertain market, property valuer Quotable Value said on Monday. QV's residential house price index rose 1.1 percent in the year to October, down from 2 percent in the year to September and a 3.1 percent rise in August. Values have fallen steadily since April, and the market is now 5.5 percent below its peak in late 2007. "There is no sign of the traditional spring surge in sales, and we don't expect any significant increase in sales before the new year," said QV research director Jonno Ingerson. He said there was a general air of caution in the market, with many properties having been up for sale for some time, while some prospective buyers are struggling to secure finance. The average sale price over the three months to October was nearly 1 percent lower than the previous month at NZ$399,055 . House prices in Auckland, New Zealand's biggest city were 3 percent higher than a year ago compared with a 4.3 percent gain the month before. However price growth in the capital, Wellington, was 0.6 percent down on a year ago. The property market in the South Island city of Christchurch was starting to pick up after the devastating earthquake in early September, but the number of sales remained low. New Zealand home lenders have been holding rates largely steady over the past month after previously cutting fixed-term loans because of the uncertain central bank rate outlook. See <NZREN> Last month the Reserve Bank of NZ held rates for second consecutive review but said they would need to rise further at some stage. However, stronger than expected jobs data for the third quarter has seen analysts firm up their forecasts that the next rise will be in March next year. [NZ/POLL] 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. (Reporting by Gyles Beckford; editing by Balazs Koranyi Recommend Send IM Story Print Related Articles Japan's Skymark to buy four A380 superjumbos AFP - 7 minutes ago World Bank chief calls for gold to anchor forex AFP - 16 minutes ago Blackouts trigger diesel shortage in China: state media AFP - 17 minutes ago Shell surprises by selling down Woodside stake Reuters - 21 minutes ago BRIEF-Krungthai Card expects higher new card issues this year Reuters - 27 minutes ago News Search Top Stories Rescued Chilean miner shows 'yes you can' in NYC Marathon Democracy icon Suu Kyi locked up for rare Myanmar vote Germany's E.ON set for major reorganization: report Pamela Anderson calls out Ultra-Orthodox men on fur hats Violent protests in Germany against nuclear waste train More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Pope sanctifies Sagrada Familia, rounds on abortion World's oldest axe found in Australia Fed not in the business of inflation: Bernanke RBS bank plunges back into loss Dell has not ruled out going private, CFO says More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver 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 Weekend Edition 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 Entertainment Photos Yahoo! News Network 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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