Growth in house prices continues to slow, with the regions outperforming the main centres, where prices have gone back in some places.
Quotable Value’s house price index rose 5.1 percent in the year to July, which compares with a 5.7 percent annual growth rate the month before.
For the quarter property values in Auckland, Tauranga and Nelson dropped slightly, which pushed the index to fall 0.7 percent nationally.
“We’re seeing a shift in the market across many regions, with most of the market activity and value growth taking place at the ‘lower-end’ of the market where values are more affordable,” QV general manager David Nagel said.
The national average house price was now $673,797.
Strongest price growth was reported in Queenstown, Whangarei, Palmerston North and Napier.
All other regions increased marginally.
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